I'm willing to bet they will refurbish it and market it as a new attraction.
Ozark Wildcat isn't really applicable here, it was a closed eyesore (in the city's view) that was turning into a liability. It was never going to run again, unfortunately.
Cheetah feels like too big of an attraction to lose, unless they are planning on also taking out the SLC and some other rides and taking the park down a notch to focus on animals and the water park.