By the 1990s, a series of ownership changes had taken their toll on the park.
 A 1974 takeover of the park by Dr. John and Mary Gene Winslow Flynn had saddled the park with $750,000 in debt and expansion slowed.
 Charles Flynn, long-time associate of New York City mayor Ed Koch and son of Dr. John and Mary Gene decided to leave politics and become actively involved in the family business.
 Initially this change in management was able to invigorate the park.
 In the early 1980s, rides such as the Paratrooper and Yo-Yo were added.
 The waterfront was improved.
 Along the park's midway, a waterslide tower was added and proved popular.

For most of its history, Conneaut Lake Park functioned as a real-life community within an amusement park, as local traffic and waterfront cottages were interspersed with the amusement rides.
 Park Avenue and Comstock Street, the park's main walking paths, were shared by both patrons and vehicles alike.
 Although bothersome at times, locals were proud of this arrangement's unique appeal.
 In an effort to remain competitive, the decision was made to enclose the park for the 1990 season.
 For the first time in its long history, admission would be charged.
 In a letter to customers explaining the changes, Flynn stated, "Traditional parks are dropping like flies and it's time we all realize that we have to take steps now and save our park before its too late to do anything about it."

The new gated park format, coupled with a rainy summer, led to a decline in attendance.
 In an effort to raise capital, several rides were sold off.
 After another disastrous season, a decision was announced: the park, with the exception of the water park, would be leveled and a new family entertainment complex would be built on the property.
 The new family entertainment complex would focus on special events, concerts, group picnics, and non-ride activities, such as batting cages, mazes, and sports activities.
 The Blue Streak rollercoaster, which required an estimated $100,000 in repairs, would be scrapped.

As the park's rides were auctioned off, a group of four local businessmen made a concerted effort to purchase as many of them as possible.
 This group went on to purchase the park from the Flynn family in an attempt to preserve it as a traditional amusement park.
 Although nearly $1 million was spent in upgrading and refurbishing the park, attendance continued to dwindle, in part due to a public perception that the park had closed altogether.

In 1995, the owners filed for bankruptcy and the park did not open.
 However, by the 1996 season, a group called Summer Resorts, Inc., under the leadership of Gary Harris, completed a purchase of the park.
 Although Harris arrived at Conneaut Lake with a history of criminal charges, residents were optimistic that the park could be saved under his leadership.
 The park reopened on July 4, 1996, but new problems arose in 1997 when Harris was convicted of tax evasion.
To help extricate himself from his legal difficulties, Harris gave the debt-ridden park to the Conneaut Lake community in 1997, but later filed a lawsuit claiming that he held a 99–year lease on the park grounds and retained ownership of several rides.
 When that lawsuit was lost in 2001, ownership reverted to a court-appointed trustee.
By the 1990s, a series of ownership changes had taken their toll on the park.  A 1974 takeover of the park by Dr. John and Mary Gene Winslow Flynn had saddled the park with $750,000 in debt and expansion slowed.  Charles Flynn, long-time associate of New York City mayor Ed Koch and son of Dr. John and Mary Gene decided to leave politics and become actively involved in the family business.  Initially this change in management was able to invigorate the park.  In the early 1980s, rides such as the Paratrooper and Yo-Yo were added.  The waterfront was improved.  Along the park's midway, a waterslide tower was added and proved popular.
For most of its history, Conneaut Lake Park functioned as a real-life community within an amusement park, as local traffic and waterfront cottages were interspersed with the amusement rides.  Park Avenue and Comstock Street, the park's main walking paths, were shared by both patrons and vehicles alike.  Although bothersome at times, locals were proud of this arrangement's unique appeal.  In an effort to remain competitive, the decision was made to enclose the park for the 1990 season.  For the first time in its long history, admission would be charged.  In a letter to customers explaining the changes, Flynn stated, "Traditional parks are dropping like flies and it's time we all realize that we have to take steps now and save our park before its too late to do anything about it."
The new gated park format, coupled with a rainy summer, led to a decline in attendance.  In an effort to raise capital, several rides were sold off.  After another disastrous season, a decision was announced: the park, with the exception of the water park, would be leveled and a new family entertainment complex would be built on the property.  The new family entertainment complex would focus on special events, concerts, group picnics, and non-ride activities, such as batting cages, mazes, and sports activities.  The Blue Streak rollercoaster, which required an estimated $100,000 in repairs, would be scrapped.
As the park's rides were auctioned off, a group of four local businessmen made a concerted effort to purchase as many of them as possible.  This group went on to purchase the park from the Flynn family in an attempt to preserve it as a traditional amusement park.  Although nearly $1 million was spent in upgrading and refurbishing the park, attendance continued to dwindle, in part due to a public perception that the park had closed altogether.
In 1995, the owners filed for bankruptcy and the park did not open.  However, by the 1996 season, a group called Summer Resorts, Inc., under the leadership of Gary Harris, completed a purchase of the park.  Although Harris arrived at Conneaut Lake with a history of criminal charges, residents were optimistic that the park could be saved under his leadership.  The park reopened on July 4, 1996, but new problems arose in 1997 when Harris was convicted of tax evasion. To help extricate himself from his legal difficulties, Harris gave the debt-ridden park to the Conneaut Lake community in 1997, but later filed a lawsuit claiming that he held a 99–year lease on the park grounds and retained ownership of several rides.  When that lawsuit was lost in 2001, ownership reverted to a court-appointed trustee.
Conneaut Lake Park