Despite the subsequent economic decline of Coney Island, the Wonder Wheel continued to operate each summer through the 20th century.

In 1983, Herman Garms's son Fred sold the ride to the Vourderis family, who restored the attraction and continue to run the wheel as of 2023[update].

At the time of the Wonder Wheel's construction, Coney Island was one of the largest amusement areas in the United States.

[4] The first Ferris wheel in Coney Island was built for nearby Steeplechase Park in 1894 and was erroneously billed as "the world's largest".

Garms, who had no formal financial experience, sold stock to family, other Coney Island business holders, and steelworkers.

The elder Garms named all of the workers as stockholders of the Eccentric Ferris Wheel Company, preventing them from being forced to unionize.

[8] Hermann originally called it the "Dip-the-Dip", promising to combine in his new invention "the thrill of a scenic railway, the fun of a Ferris wheel, and the excitement of the Chute-the-Chutes".

[10] After the ride's construction cost had been paid off, Herman Garms bought out most of the Eccentric Ferris Wheel Company's stockholders, then reduced the size of the corporation to a small number of people.

[12] During World War II, the lights on the Wonder Wheel were turned off due to a blackout order affecting Coney Island.

[15] One account from 1953 described the ride as carrying thousands of passengers, with clients coming from the South and along the East Coast.

At the time, although Herman Garms still owned the ride, Fred was the manager, and there were multiple longtime employees on payroll.

[22] Vourderis was in a hospital recovering from a stabbing attack when Garms approached Deno's son Dennis on the possibility of purchasing the ride.

[6] The New York Times wrote that the only maintenance instructions given to the Vourderis family were the words "Good Luck" scribbled on a cardboard cigarette box.

[21][27] Vourderis planned to begin allowing couples to host weddings on the ride,[21] and he also rented it out for film shoots.

[38] Even during the aftermath of 2012's Hurricane Sandy, when Deno's Amusement Park was flooded, the Wonder Wheel was only slightly damaged and reopened the next year.

[10][22][14] The remaining eight cars are fixed to the rim, giving a traditional Ferris wheel experience to passengers.

The former owner-operator of the ride, Fred Garms, told the New York Daily News in 1981 that "I put my money into maintenance.

'"[48] News outlets reported in 2000 that the Wonder Wheel had not experienced any significant incidents in its history, operating every summer season since its opening;[22][50] this remained true even after Hurricane Sandy flooded the surrounding amusement park in 2012.

The only criticism is that it is very slow in making its revolutions..."[52] The Los Angeles Times, describing the ride's design in 1975, called it a "fabulous construction of metal struts, gears, cables and cages".

[23] Another critic wrote that the ride "turns slowly, almost sedately, its enclosed cars swaying" in contrast to the "pandemonium" of the surrounding area.

[53] A writer for the St. Louis Post-Dispatch stated in 2000 that when "the cars begin to swing like a pendulum [...] you swear the entire structure is collapsing.

[14] The New York Times called the Wonder Wheel "the jewel of the showy, boomtown Coney Island that rose along the newly widened beach in the Roaring Twenties".

[8] Due to its prominence on Coney Island, the Wonder Wheel has been depicted in numerous movies, such as The Warriors,[14][56] and Remo Williams: The Adventure Begins;[57] and television shows including Mr.