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Looks like the waterpark is nearing completion!
Source: https://www.instagram.com/p/BkcldAzhm09/
Video of waterslide being tested: https://instagram.com/p/BkPJmLmAoDF/
Construction is progressing on the waterpark which is opening later this summer
Entrance to the waterpark:
Signage for upcoming Lionsgate Movie World:
Sources: https://www.instagram.com/p/BjZX26_HmHW/ and http://blog.naver.com/ukb0914/221242356639
New aerial images show what I believe to be the entrance to Lionsgate Movie World (last photo) and in the background construction of Jeju Shinhwa Waterpark can be seen:
Additional concept art for Jeju Shinhwa Waterpark:
Sources: https://www.instagram.com/p/BhgqXkXgLcA/ and http://dpintl.com/template/index.html?m=e3&s=S2&uid=56
So are they the same park or is shinhwa theme park is different with new lionsgate?