I mean, Margarittaville is just adding a waterpark for the Orlando area, with Island H20.
Orlando already has enough tourist/local destinations as it is on a large note, with SeaWorld consisting of Aquatica, Discovery Cove, and SWO; WDW consisting with 4 theme parks and two water parks, and UOR having as of now, three theme parks with one water park. And that's not mentioning LEGOland Florida (and their Water Park), and the various family entertainment offerings, such as Icon Park, Fun Spot, and others.
Is it possible? Possibly, but I am more concerned that there might be eventually down the road, a case of over-saturation (although that's a rare thing for me to say..)