I guess if you've never seen Friday the 13th, then maybe the ending will surprise you. It's the same thing, just with a slightly different misdirection. And the film isn't subtle about the fact that it is going to end that way. It bends over backwards to tell you who it is and draws your attention to genitals over and over again.
I'm not sure this was meant to be a horror film. This film was more of a comedy--at least to me. Especially the ending, but once the beehive death happened, I couldn't take it seriously. That, and the rejected scene from Poison that it cuts to earlier in the film.
Finally, it was nice of the killer to set up the cash-in that came out the next year, Fatal Games. I guess I'll have to watch that one along with the sequels to this film.