Scott- I'd love to see an outline of what you would think with the land and include resorts, water park 2, dry park 3, (long term) future site location for dry park 4.
Even filling in "value" hotels that might be away from the park but on the land they purchased.
I'm going to guess one year after opening. Historically, new parks have opened in the fall.
If park were to open in fall 2022 with 3 hotels, I see a 4th hotel and water park in 2023; as an example.
But yes- I don't see this thing being open a year without an attached water park.