This park was purchased in 1999 by a group that considers themselves theme park enthusiasts. They gutted the place, added new rides and the water park (with the exception of the log flume).
As for water parks in Arkansas, you have Wild River Country (little rock, ar) and now crystal falls (hot springs, ar). WRC does not have the room to expand and has really let itself go, whereas CF has updated, repaired and built new items every year.
Magic Springs (the amusement part of MS/CF) has added new rides since 2000. It's my understanding that the 10 million expansion will be for both the new water area of CF and the new coaster/thrill ride.
This season they announced that every season pass holder recieves free pepsi products, sunscreen and towels during their attendance. I don't know how they do it (as I have not been this season) unless they use the cups from the old "PEPSI vs. COKE" taste test era.