I would not be super surprised for them to say, "We've purchased 470 acres for future development of a theme park, resort hotels, and an entertainment district." without going into more detail.
I don't think they would have bought the land if they didn't already have a pretty good idea what shape it was in. They were part of the cleanup efforts that went into it, as is.
I have no idea if they are announcing anything soon, but if the timeline is as aggressive as rumored, it would not shock me. The projects that eventually became IoA, CityWalk, and the Resorts were originally announced 5 years before they opened.