From what I understand, the theme park rights are under copyright and have been awarded to a park that's trying to be built in NJ.
There was originally going to be a park in Olathe, KS but the morons in the area were too short-sighted to see what an amazing opportunity this was and the residents wouldn't allow it. The Wonderful World Of Oz was the name and the artwork for it was amazing. I believe Jim Hill did a story on it.
Besides promotion for the movie, this doesn't belong in a Disney park. Disney has too many of its own properties that they are letting die. Iger needs to stop looking outside and needs to take better advantage of what he already has.
As an example, Alice In Wonderland was one of the biggest successes in recent history, yet not a single attraction was built to take advantage of it.