Funtime was acquired by Premier Parks in 1995, and for the 2000 season, they re-branded Geauga Lake as Six Flags Ohio, adding four new roller coasters.

The park changed ownership again in 2004 after a purchase by Cedar Fair, and was renamed Geauga Lake once more.

[1] Giles built a home in the area in 1817, and later established picnic grounds, a dance hall, and other entertainment, all of which was conveniently located near a train station, which brought in many visitors.

An 1880 history of Geauga County reported the Giles residence "being easy of access by rail" and a "very popular place of resort during the summer months, for fishing, picnic, and excursion parties."

It also noted that "for the convenience of such parties, Mr. Giles has recently erected a hall of considerable size near the lake.

The surrounding grounds are kept clean and attractive, and, without exception, this is the most charming place to spend a leisure day to be found in this section.

"[2] At the time, a full-sized steamboat circled the lake, towing a large scow, topped with a dance floor.

On July 11, 1926, Olympic medalist and Tarzan actor Johnny Weissmuller set a new world record in the 220-yard freestyle swim in the pool in front of 3,000 spectators.

The park's dance hall and ballroom were major attractions, with live music performed by Guy Lombardo, Fred Waring, Artie Shaw, and other big names of the time.

In 1937, the park's hand-carved 1926 Marcus Illions carousel was installed at a cost of $35,000, after having been located in Philadelphia and Birmingham.

[7] In 1942, a tornado hit the park, injuring six, destroying multiple buildings, and damaging the Big Dipper.

[10] In 1952, a fire destroyed the park's bowling alley, theater, dance hall and roller rink, with damages estimated at $500,000.

In 1985, Harcourt Brace Jovanovich, owner of SeaWorld, announced his intent to purchase Funtime and combine the two parks,[12] but the deal was never completed.

In 1988, Geauga Lake celebrated its centennial by introducing the Raging Wolf Bobs, a wooden roller coaster with a hybrid twister/out and back design modeled after the original Bobs roller coaster at Chicago's defunct Riverview Park.

A corporate deal in 1995 saw Premier Parks acquiring Funtime, giving Geauga Lake a new owner.

These attractions opened in 1996, and Corkscrew was closed and sold and moved to Dizzee World in India the same year.

To conform with copyright and trademark laws, all Looney Tunes and DC Comics branding was removed from the park.

Examples of name changes that took place include: In 2005, Cedar Fair invested $26 million in Wildwater Kingdom, a new water park on the former SeaWorld site, which resulted in the park's name being changed to Geauga Lake & Wildwater Kingdom.

Steel Venom was relocated to Dorney Park, where it opened for the 2008 season as Voodoo, and was later renamed Possessed.

[21][22] Citing the Cleveland area as their "most difficult market," Six Flags sold the park to Cedar Fair in March 2004.

[26] This led to efforts from locals to save Geauga Lake, especially landmark rides such as the Big Dipper and the Carousel.

[28] In 2012 and 2013, Cleveland-based photographer and artist Johnny Joo visited Geauga Lake to capture the park in a state of decay.

[35] On August 25, 2020, it was announced that PulteGroup, a home construction company, would be building a housing development on the site of the Wildwater Kingdom parking lot.

[40] On September 17, 2024, Aurora City Council unanimously voted to purchase 48 acres of land, along with the adjacent lake, from Industrial Commercial Properties.

The city of Aurora plans to develop this newly-acquired property as a public park, which may include amenities like a beach, pool, and a place for boating.