Editing Lake Compounce (section)

=== New ownership ===
The park's success was stable until the late 1960s, when attendance began to decline. Lake Compounce remained under the ownership of the Pierce and Norton Corporation until 1966, when Edward G. Pierce sold his share to the Norton family. The Nortons owned and operated the park through 1985 and were able to restore some profitability and raise attendance. No major attractions were added during this time, and the Nortons listed the park for sale in 1984. In 1985, Lake Compounce was sold to the [[Hershey Entertainment and Resorts Company]], owners of [[Hersheypark]] in [[Hershey, Pennsylvania]], who briefly renamed the park to "Hershey's Lake Compounce".<ref>{{cite web |date=June 29, 1986 |title=140-year Run of Fun at Lake Compounce Perseveres |work=The New York Times |url=https://www.nytimes.com/1986/06/29/nyregion/140-year-run-of-fun-at-lake-compounce-perseveres.html |url-status=live |archive-url=https://web.archive.org/web/20171107015622/http://www.nytimes.com/1986/06/29/nyregion/140-year-run-of-fun-at-lake-compounce-perseveres.html |archive-date=November 7, 2017 |access-date=October 30, 2017 |df=mdy-all |last1=Hamilton |first1=Robert A. }}</ref> Factors such as poor marketing, low attendance, and repeated ride outages caused Hershey to sell the park after two seasons in 1987, a decision that upset local representatives.<ref>{{cite web |date=October 11, 1987 |title=Bristol Fights Park Closing |url=https://www.nytimes.com/1987/10/11/nyregion/bristol-fights-park-closing.html?pagewanted=all |url-status=live |archive-url=https://web.archive.org/web/20171107021810/http://www.nytimes.com/1987/10/11/nyregion/bristol-fights-park-closing.html?pagewanted=all |archive-date=November 7, 2017 |access-date=October 30, 2017 |work=The New York Times |df=mdy-all}}</ref>

In the spring of 1987, Joseph Entertainment Group (JEG), owned by Joseph Balestieri, bought the park and renamed it "Lake Compounce Festival Park". The park received renovations, and in 1988 a 20,000-seat outdoor amphitheater was added. One of the first notable musical acts to perform at the new venue was the group [[Milli Vanilli]], and their live performance was broadcast on [[MTV]] in what was later recognized as the first public sign that [[Milli Vanilli#Lip-syncing exposure and media backlash, 1989–1991|they were lip-syncing]].<ref>{{cite web |last=Anitai |first=Tamar |date=May 15, 2009 |title=Vintage Video: Milli Vanilli Performs 'Live' On Club MTV In 1989 |url=http://www.mtv.com/news/2293803/vintage-video-milli-vanilli-performs-live-on-club-mtv-in-1989/ |url-status=dead |archive-url=https://web.archive.org/web/20151019225537/http://www.mtv.com/news/2293803/vintage-video-milli-vanilli-performs-live-on-club-mtv-in-1989/ |archive-date=October 19, 2015 |access-date=October 19, 2015 |publisher=MTV |df=mdy-all}}</ref> JEG focused more of their attention on concert promotion and neglected the amusement park portion of the property. The Wildcat roller coaster and other rides were nonoperational by 1991. That year, JEG's financial troubles were exposed when a check the company wrote to [[Guns N' Roses]] bounced, and the performance was cancelled. It was later discovered that JEG was nearly $900,000 behind in taxes and had not refunded nearly $300,000 to ticket-holders for 15 cancelled concerts.<ref>{{cite web |date=July 4, 1992 |title=When the Carousel Comes Grinding to a Halt |url=https://www.nytimes.com/1992/07/04/nyregion/when-the-carousel-comes-grinding-to-a-halt.html |url-status=live |archive-url=https://web.archive.org/web/20171107032206/http://www.nytimes.com/1992/07/04/nyregion/when-the-carousel-comes-grinding-to-a-halt.html |archive-date=November 7, 2017 |access-date=October 30, 2017 |work=The New York Times |df=mdy-all}}</ref><ref>{{cite web |date=September 21, 1991 |title=Guns N' Roses Bows Out |url=https://www.courant.com/1991/09/21/guns-n-roses-bows-out/ |url-status=live |archive-url=https://web.archive.org/web/20171107032738/http://articles.courant.com/1991-09-21/news/0000211789_1_refunds-ticket-prices-roses |archive-date=November 7, 2017 |access-date=October 30, 2017 |publisher=Hartford Courant |df=mdy-all}}</ref>

At the end of the 1991 season, Joseph Entertainment Group filed [[Chapter 11, Title 11, United States Code|Chapter 11 bankruptcy]] and did not open the park for the 1992 season. The park was put up for sale at a very low price. After being unable to find a buyer, JEG filed for [[Chapter 7, Title 11, United States Code|Chapter 7 bankruptcy protection]] and liquidated the park. The land and what was left of the rides and buildings were sold to Stephen Barberino. The park remained closed for the 1992 and 1993 seasons. In 1993, [[Funtime, Inc.|Funtime Parks]], owner of [[Geauga Lake|Geauga Lake Park]] and [[Darien Lake|Darien Lake Park]], among other parks, became Barberino's management partner. The existing rides were repaired, several new rides were added, and waterslides were constructed on the beach and lake areas. The park reopened for the 1994 season. That year, Funtime merged with Premier Parks, which later became [[Six Flags]]. Premier Parks and Barberino then put Lake Compounce up for sale again in 1995. Companies including [[Cedar Fair]], Alpha Smartparks, and the [[Kennywood Entertainment Company]] made offers.