From CTV News:

ctvtoronto.ca

Date: Wednesday Feb. 1, 2012 10:58 AM ET
The province said Wednesday that it plans to shut down portions of Ontario Place in a bid to stem the financial bleeding at the once-popular waterfront attraction.

Ontario's Liberal government also tapped former provincial Progressive Conservative leader John Tory to advise it on revamping the floundering waterfront park.

The province is targeting a complete overhaul of the site in time to celebrate Canada's 150th anniversary in 2017

"Today, we are taking a new step forward in the revitalization of Ontario Place to make it a must visit destination and landmark for Ontario families and tourists from around the world," Minister of Tourism, Culture and Sport Michael Chan said at a news conference Wednesday morning.

Chan said beginning this summer, the province plans to close the waterpark, amusement rides and the Cinesphere movie theatre saving the government some $20 million a year in operating and capital funding.

However, the Molson Amphitheatre concert venue, Atlantis banquet facility, a marina and parking will remain open until construction begins. Chan said Ontario Place will also be available for the 2015 Pan Am Games.

Ontario Place, which celebrated its 40th anniversary last year, drew 2.5 million visitors, roughly the same number it boasted for its 20th anniversary.

Link:
Parts of Ontario Place to close in overhaul | CTV Toronto