Ltd[4] the ride was originally installed at Luna Park Sydney in 1995 as the Big Dipper before being sold and relocated to Dreamworld on the Gold Coast in 2001.

The steel roller coaster, designed by Arrow Dynamics, was constructed by Able Leisure Pty Ltd in Newport Melbourne at a cost of A$8,000,000 during the 1994 redevelopment of Luna Park Sydney.

[7] Opening in 1995, the new roller coaster became a point of contention with residents, and was cited as the main example of the noise pollution generated by the amusement park.

After appeals to various courts by both the "resident action group" and the park's new owners, it was decreed that the roller coaster could only operate at certain times, and under strict conditions.

[10] The roller coaster remained on site until late 2001,[11] operating on several occasions for charity-supporting events, including those for the Variety Club and The Spastic Centre.

[5] Several of the supports needed modifications to make them rest on the ground because they were originally located on top of a single story building.

[6] The ride reopened as the Cyclone at its new location in Dreamworld on 26 December 2001,[13] in a ceremony dedicated by Peter Beattie and Merri Rose MPs.

[2] The intention of the ride's spiral queue design was to occupy patrons through both visual and physical stimuli such as theatrical lighting and shaking floors.

As part of the upgrades, the ride was fitted with a new train built by Vekoma that featured onboard audio and renamed Hot Wheels SideWinder.

The ride reopened to the public later that day with a new colour scheme on both the tracks and trains along with a retheme from Hot Wheels to a circa 1970s Gold Coast theme.

The Gold Coaster is one of Dreamworld's seven thrill rides alongside The Claw, The Giant Drop, Mick Doohan's Motocoaster, Pandamonium, Steel Taipan and Tail Spin.