After months of speculation over its future, Universal has confirmed that Wet N’ Wild Orlando will be turning off the taps and pulling the plug for good in 2016.

Wet N’ Wild is closing on 31 December 2016, at which point it will have been in operation for nearly 40 years, after first opening in 1977. Founded by SeaWorld creator George Millay, Wet N’ Wild Orlando is considered to be the US’s first waterpark. In 1998 Millay sold his interests in the Wet N’ Wild franchise, at which point Universal snapped up the Orlando location.

Universal confirmed plans for a new multi-million dollar waterpark at the end of May. Called Volcano Bay, the theme park operator filed plans for the development back in February. The waterpark will sit alongside Universal’s Islands of Adventure to become the resort’s third stand-alone attraction.

Universal says it is closing the park to focus on its new “next generation” waterpark, which the company says will “re-imagine what it means to be a waterpark.” According to a statement released by Universal, the attraction will be highly themed, with a completely immersive environment inspired by tropical islands. Volcano Bay will complement Universal’s existing Cabana Bay Beach Resort and according to the plans will include a ‘volcano’ with slides, a wave pool, lazy river and rapids ride.