Suggest bushes, water fountain or a noise-generating water source Probably a losing battle but perhaps something like cork or wood lattice-type structure to absorb sound - that is commonly used in noisy places?
Try talking with you neighbor to see if the children's play area can be slightly relocated. It's not worth a lot of conflict. Having kids play and hearing the fun can be nice too.
If the sound it inside your house, there are more expensive things like double wall windows, check out house in area in airline flight paths. They have several noise reduction issues that have applied.
The teenagers next door played basketball late into the night. We were glad to see the kids having fun and let them know it. It subsided after a few yrs. No conflict.
Your issue is very different from my first house where having a stupid neighbor that plays loud music and blows up firecrackers in your front yard and drives his truck on your yard and knocks your fence boards out so his dog has a little more space to run. For that problem, you may want to move.
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