One of the owner/operators of this early period was Billy Glenn. After he stopped as primary operator of the main attractions, he continued to personally operate his last concession in the park, a popcorn stand.

Change of ownership and decline

The year 1934 saw major changes for the park. Penn Power donated Cascade Park to the city of New Castle, stipulating that the area be forever used for public recreation. During the second quarter of the century, park attendance began to decline. The lake, popular for fishing, swimming, and boating, dried up when the Big Run dam broke. In the 1950's, Paul Vesco entered into a contract with the city to operate the park. He removed the original Gorge and replaced it with a new roller coaster of his own design, originally using the same name (Gorge), but several years later changing the name to the The Comet.

The coaster cars were built by Philadelphia Tobaggan Compnay. The coaster's highest point was 65 feet (20 m) and boasted a 2,400-foot (730 m) track length. One of the coaster's most unique features was that it was built on the edge of a valley. Most roller coasters of the day were towed up to the highest point by a chain and as the energy and momentum of the coaster was expended, the hills got smaller towards the end. The Gorge/Comet was different in that it left the station at ground level and "fell" into the valley, so the first drop was actually the 2nd biggest drop. The coaster went down the valley, turned around and went up a chain hoist to the opposite side of the valley. It then turned around and dropped into the valley for the coaster's biggest dip and came back up the hill to return into the back of the station.

Other rides and attractions eventually added by Paul Vesco included:

Train 60-Horse Carousel Gorge / Comet Roller Coaster Tumble Bug (built by Traver Engineering Company), located in Beaver Falls, Pennsylvania Bumper Cars (Auto Skooters built by Lusse) Circle Swings (another Traver Engineering Ride) Whip Fire Truck ride Penny Arcade Kiddyland Tubs of Fun Rocket Ride Ferris Wheel Tractor Ride (mini gas-powered tractors that the customers would drive around a track) Riverboat (owned by son John "Cookie" Vesco) Toboggan Roller Coaster.

The park managed to stay afloat during the 1970's and early 1980's despite a continuing drop in attendance. The coaster was damaged in 1982 when a tree fell on it. By this time the area had fallen on hard economic times, and the Comet was torn down several years later.

Renewed interest and revival

A New Castle square dancing group called the Paws and Taws began raising funds in the late 1970's to repair and restore the park's historic dance pavilion. Community interest in reviving the park soon followed, and the Cascade Park Development Committee, a group of volunteers, organized in 1980. The group came up with a plan to restore the park, and it was agreed at that point that any future development at the park would reflect its Victorian roots. During the 80's, the park's old rides were removed, flowers and shrubs were planted, buildings were improved, public restrooms were built, and a playground was added. Local clubs like the Rotary Club, Lawrence County Garden Club, and the Lawrence County Bocce Ball League have also contributed in the park's restoration. Walking and hiking trails have also been added.

Today, the park is the site of community events such as the Back to the 50's Weekend.