The Free Fall slide at Kenosee Superslides Waterpark in Kenosee, about 200 kilometres southeast of Regina, was damaged in the land shift.
Waterpark general manager Harvey Armstrong says the hill had to be cut to put the slide in there, so that likely was a factor.
He also says wet weather also played a part.
An insurance company has come out to look at the damage and Armstrong is waiting for a reply to find out what is covered.
The Free Fall is the only slide closed and the rest of the park remains open.