The most obvious problem with this film is that a third of it is dedicated to recapitulating the original. We are shown never-ending scenes from Silent Night Deadly Night. Five minutes would have amply been enough. Furthermore, Rickie, the narrator and hero, is played by a horrible actor. He plays a monotonous psychopath and his malicious laugh is obviously faked. When the movie truly starts after about half an hour, it is armed with a gun that he murders his first victims. As a general rule, firearms are usually reserved for action flicks while bladed weapons are destined for horror.
At a certain point, the movie starts having the same atmosphere as its predecessor but is too little to comfort us. The motive behind the Santa Claus disguise is weak and not very credible.