As was discussed earlier in this thread, there is currently an ongoing lawsuit between UCPM III and SLRC Holdings (universal) regarding whether universal has the right to build a theme park on the land they bought near the convention center. The details can be found
on the case records page.
A brief update based on my interpretation:
UCPM III is arguing that rules put in place when universal sold the land give them the right to decide if a theme park can be built there, while SLRC is arguing that the rules don't apply to universal and run in their favor so they do have the right to build.
They have gone through the process of complaints and responses, and have now moved on to motions and discovery. The timeline appears to be a fairly slow one, with the case unlikely to reach trial until sometime in 2018, depending on how fast of a track they are on. The current issue is that UCPM III has filed a motion for summary judgement, which basically means they think it's obvious they will win and want the judge to rule that way without taking it to trial. Universal has filed a motion for continuance, seeking to delay the former motion. My understanding from reading the records page is that there will be a hearing regarding these motions next week. Universal can't win here, they can only lose, so we better hope they don't.
Please note that all of the above is simply what I have come to understand from reading the page I linked to above. I have no legal training and am not aware of the full facts of the case.