So basically the idea of Ontario Place as an major amusement park and cultural attraction where families can go for fun all summer long is over! It's now basically gonna be just more parkland with an Imax theatre and weekend, sponsored events, like beer festivals or food events. Is that the bigger and better year round attraction we were promised? I don't think so, it's just the cheapest option they could find. The government has turned what was once a daily summer major attraction into a weekend, foodtruck event space and I think it's a really bad idea because we already have many places for that, much closer to the core, as well as some new ones like The Bent and the container park going up at Bathurst. This new Ontario Place will provide a similar purpose, so what's the point?
OP was closed because attendance had started to lag, it was bleeding red ink, and it needed a lot of investment.
I have fond childhood memories of it too, but in its previous form, its time had passed.
I don't mind the idea of a real 'theme/amusement' park close to downtown. However, if that were the chosen course of action, I think you'd have to give (sell/lease) it to a private operator. Government investing hundreds of millions, if not more, to compete w/Canada's Wonderland would be a tough sell, I think.
But even if one were to pursue that, I think most of the area best suited to 'rides' would be where the CNE midway had traditionally gone. Not only because it's much closer to public transport, and that's a traditional use, but because it's essentially flat. The OP lands are highly variable from a topographical perspective and less well suited to flat rides in particular.
I think there are many real issues to be resolved to achieve the best use of this site, most notably involving public transit further south, and/or far more connectivity between the Exhibition Grounds and OP.
I suspect expense, and timelines precluded those options from the perspective of Queen's Park.
That brings us back to what might be done within the mandate the current government has brought forth.
I would personally have preferred a bit more Stanley Park vibe, particularly for the East Island.
Keep Cinesphere, the pods, and one set of restaurants/food concessions and then add one Beach and make the rest a full-on forest, give or take one picnic area.
To me this is a bit over landscaped if you're not doing more active programming.
But that's a matter of personal taste.