In 1955, Dewey Albert and his friends Nathan Handwerker, Herman Rapps, Sidney Robbins and Paul Yampo formed a corporation called Coney Island Enterprises.

Through a series of acquisitions, together they built what is today known as Astroland, with rides including the Tower to the Stars or Astrotower gyro tower, the Cape Canaveral Satellite Jet emulating a trip to the Moon, the Mercury Capsule Skyride carrying patrons in bubble cars across the park to the boardwalk, and the Neptune Diving Bells, a duplicate of an Atlantic City ride that took patrons 30 feet down into a tank to watch porpoises and fish.

In June 1975 Astroland was chosen to be the new operator of the Cyclone, the famous wooden roller coaster, which stood on Parks Department land.

The Fire Department of New York responded to the park after concerns regarding the structural integrity of the former operational ride, which was situated in the center of the amusement area.

[9][10] Demolition crews worked through the night into the morning of July 4 to remove part of the Astrotower, and Luna Park reopened to visitors at 3 P.M.