 After dwindling attendance stemming from Western New York's rust belt economic decline, Fantasy Island, Inc. declared bankruptcy and the park did not operate for the 1982 season.It was acquired out of bankruptcy in November 1982 by Charles R. Wood Enterprises, headed by Charles Wood, the founder of Great Escape in Queensbury, New York.A new themed area called Water World, a water park, was added to the site in 1984.