This is way too late, but, yes, it is. The idea is that the places such as Mount Olympus are abstract things that move from time to time, but are given the same names. other examples are the place where atlas holds up teh sky, the entrance to the underworld, etc.
I havent watched the movie, but from what my friends tell me, it isnt anything like the books. It completely removes one of the characters that in later books is a main character and makes one of Percy's best friends his enemy or something.
Anyway, the books are great and never get boring.
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..............Now You See It, Now You Don't..............
Proud Copper Widow