Saw this posted on another site, no one knows for certain:

Now, after decades of being an Orange County landmark, the family is calling it quits. The land is being sold to a developer, which has plans to build condominiums. Hobby City could close in about a year.
"It's time for us to play on the weekends. We've been entertaining people for so many years and you think, 'We want to be entertained,'." said Allan Ansdell, one of the park's owners.
Doesn't specify if Adventure City itself is history, anyone know for sure? Sad how many fun place are dissappearing from Beach Blvd .