I think if they see a future in the club actually working again (with seasonal overlays as
@Brian G. said), they may look at some of the other locations for the SNL Club if they want to do that still. I know Rising Star used to be popular, but now that CityWalk is only open until 12 am and it's popularity has died off in recent years anyway, I could see that location being good for an SNL bar, but I guess I still just don't know what this SNL thing would be.
I'd hope that they were only using the SNL brand as an aesthetic theme for the bar with props and stuff inside, drinks named after iconic sketch's etc, but nothing else. That is unless they decided to go in a Comedy Warehouse or SAK Comedy Lab direction with it to turn something like Rising Star into an improv comedy club. I'd support that decision, but I doubt that's what they were planning.
What they were thinking of turning Red Coconut into was probably something akin to a Trader Sam's, but SNL.