Let's be honest, there are some horror films (particularly the more retro ones) which are carbon copy rip-offs of more famous movies. Prom Night 2 starts off like that, but eventually ends up more of a homage to other horror films, rather than a rip off.
This movie is what it is. It's a 1980's slasher-esque, ghosty, high school, "you'll never be prom queen - loser!", jock ridden, teen movie. But it's not as bad as the truly awful horror films. It appears to have had some budget behind it and some (albeit very few) of the scenes are mildly ok.
It's a bit of fun, and I had a laugh watching it - mainly at how naff it is.
If you're bored and feel inclined to watch it - do so.