Too stale in its plot to be inventive, and lacks a comical wit or a trashiness to be a proper fun time, akin to the slasher films it tries to mimic. The kill scenes are gruesome, but they too along with Silent Night's kill-the-naughty punchline grow stale quickly. Simply, it doesn't even carry a trash-film charm all the way to even be a good, bad film. It makes the greatest mistake of all as a slasher-- it's dull.
A killer Santa is actually a surprisingly satisfying niche for horror, as many niches revolve around Halloween or other holidays. I enjoyed how this Santa stayed true to his MO of naughty and nice. In this case, let the nice ones live, and kill the naughty ones. There is definitely enough gore to keep even the barely-watching interested, especially in the wood-chipper scene and scene with the bratty little girl.