Inadequate fire-fighting measures and low staffing caused the fire to completely destroy the amusement park's ghost train.

In 2021, the ABC released the documentary Exposed: The Ghost Train Fire which used evidence collected by Sharp as well as freshly-obtained accounts of witnesses.

Located between Big Dipper's station and the River Caves, the building housing it was originally built as a storeroom for equipment awaiting installation after arriving from Luna Park Glenelg.

[7][6] It was initially thought that everybody had escaped the fire, but the bodies of seven people were soon found inside: John Godson and his two children, Damien and Craig, and four Waverley College students, Jonathan Billings, Richard Carroll, Michael Johnson, and Seamus Rahilly.

[9] He found that "The cause of the fire cannot conclusively be stated", and accepted expert testimony that the ride's permanent wiring and attractions were unlikely to be the source of ignition – but could not be completely excluded.

[7][13] Buckingham claimed the attack was part of a plan for Saffron to gain control of Luna Park's lease, although she stated her belief that the seven deaths were not intended.

[7] Buckingham later denied she made the comments attributed to her and demanded the story not be published, although the Herald claims her original statements were recorded on tape during a face-to-face interview.

[15] In 2004, a plaque listing the names of the victims was placed on an external wall of the Big Top Sydney, which was constructed on the site of the Ghost Train.

Along the Comic Way walking track is a series of small bronze sculptures that were unveiled in 2007, among them one dedicated to the fire's victims designed by Michael Leunig and carved by Peter Kingston.

In January 1979, Sharp brought musician Tiny Tim to Australia to set the world record for the longest non-stop professional singing marathon during a show at Luna Park.

Street of Dreams remains unfinished and has never been officially released in any form, though the Brighton Cut has surfaced online as a low-quality bootleg.

Other witnesses who entered the Ghost Train soon after, smelled smoke straightaway and saw an uncontained fire spreading rapidly within the narrow confines of the ride.

The program also brought to light much of Sharp's personal collection of files and taped interviews gathered during his own investigation of the incident over the years.

In a 2010 discussion of his artwork for the park’s restoration in the early 1970s, Sharp revealed that the fire and the circumstances surrounding it had exerted a profound effect on his spiritual outlook.

The television investigation concluded that a web of criminality connected Saffron, former NSW Premier Neville Wran and former High Court Justice Lionel Murphy.

The "fresh claims of foul play and a cover-up" in the television program led to a call by Jodi McKay, then-leader of the NSW official opposition, for the government to instigate a new coronial inquiry or Royal Commission into the case.

In their report, Professor Rodney Tiffin and journalist Chris Masters characterized the programme as overstating the allegations against Wran, while concluding that overall "the program makers uncovered much suspicious evidence around arson being the cause of the fire, exposed the incompetence of the police investigation, reported on the inadequacies of earlier investigations, revealed the way policy making by the NSW government benefited Saffron, and the corrupt circle of influence around Saffron.

"[24] In April 2021, following the release of Exposed: The Ghost Train Fire and the subsequent public outcry, New South Wales Premier Gladys Berejiklian said that "relevant agencies in NSW are considering [a fresh inquest]".