I remember seeing this place shut down back in 2007 when some friends and I visited New Orleans. It's crazy to me that a company as large as Six Flags hasn't done anything with this property in nearly 2 decades.
They don't own it anymore. It's changed hands a few times but no one wants to make any investment into developing there. It's too much work and the risks are to great.
It's designed by Arrow Dynamics. One of the first models (maybe entirely the first) was installed at Six Flags Great Adventure. At the time, the total cost was about $15 million, half spent on the ride itself, the rest on the footings and infrastructure.