It was built in 1888 and expanded several times over its history; but after a worsening economic situation in both Asbury and the country in the mid-1980s, it went out of business in 1988.

Several efforts were made to save the structure, including its hand-carved carousel, murals and decorations, but in 2004, after an independent structural inspection, the building was deemed unsafe (it had already been damaged in several areas) and was ordered demolished.

A local grassroots organization was able to save several pieces from the building, including the famed Tillie mural.

[3][4] The Palace is mentioned in 1974 Bruce Springsteen hit "Born to Run" in the lines "Beyond the Palace, hemi-powered drones / Scream down the boulevard".

[5][6] Media related to Palace Amusements at Wikimedia Commons