Dolly Parton and Gaylord Entertainment announced plans back in January for a new water park and snow park, but as of now the project is "in a holding pattern," according to Dolly herself.
The topic of the 114 acre entertainment center came up during a press conference for Dolly's latest gold record, so it wasn't the main focus by any means. Gaylord Entertainment is going through a restructuring that includes having Marriott run their hotels, and possibly laying off over 300 employees.
It sounds like these changes has created a bump in the plans for the parks to begin construction work. Both Dollywood and Gaylord later issued statements that they are both committed to the project, but no further details on when construction could start were released.
The area is slated to hold a large water park for the Summer and also a snow park for the Winter, both just across the road from the Gaylord Opryland Resort. Original estimates did not have ground being broken for the parks until later this year, so perhaps if things get moving again we could still see that happen, allowing for a 2014 opening.