 Charles Wood reacquired the park along with Great Escape in October 1992 for $14 million when International Broadcasting Corporation went bankrupt.In his second stint of ownership, Wood changed the park's name to Two Flags Over Niagara Fun Park

When Martin's Shows, ran by Martin DiPietro, purchased the park and renamed it Martin's Fantasy Island.Charles Wood took the original Comet roller coaster and reassembled it at his Great Escape park later that year.