It was closed shortly after the travel drop off following 9/11. Apparently Disney considered it a good way to cut back on staff while still offering it's two larger water parks for guests to enjoy.
As far as I know there is no word - no rumors, and certainly nothing official - about when it may reopen. I imagine it would take a pretty big (and regular) surge in attendance for it to come back from the dead.
Just my thoughts on the subject.
Jon