Cedar Fair would not be the ones running it... a new corporation would be formed.
Neonopolis is a very high-end, stylized, non-casino enertainment venue along the lines of CityWalk at Universal Studios, but smaller. It was championed by the Vegas mayor, but has floundered financially and never achieved full occupancy due to poor advertising and the fact that they, unlike everyone else is Las Vegas, charge for parking. Depending on the size of the installation, I have to think STTE would take a large portion of the place over. I am strictly guessing here but I'd think it might be a lesser version of STTE than we've seen... perhaps without the rides but with the museum, shopping promenade and of course Quark's (the heart of the place) and the actors.