I'll answer my own question.
Quite a few parts are still out of action as of 10 Feb 2003 -- including the executive lounge and the Japanese Restaurant. A good number of rooms are boarded-up and they have blowers drying out other rooms. Looking along the beach, every other hotel was in similar shape.
Despite the damage, the hotel is operating well and I had a great stay. As a Diamond I got a fistfull of drink coupons and breakfast coupons to compensate for the lounge being shut. Very nice welcome amenities as well.