Businesses owners are pinning their hopes on this park, that it will be a new start for the neighborhood.
Luna Park features plenty of dancing and games.
There are 19 new rides.
It is three acres of fun and just what kids have been waiting for.
"I think it's going be good. I think when they finish all the rides its going be good," said visitor, Tiara Sims.
Luna Park means 200 new jobs and another 150 jobs next year.
"This is the first time in over 50 years the city of New York has collaborated with a private investment to bring a brand new park in Coney," said Lynn Kelly, President of the Coney Island Development Corporation.
A new park means new business for everyone, even the competition.
"With the opening up of Luna Park, people know that Coney Island is still here and open," said Mark Blumenthal of "The Cyclone".
It's been open since Palm Sunday.
Beach season also officially opens in Coney Island and across New York City Saturday.
If the weather is good, they expect business to be great Memorial Day weekend.
It is a new amusement park, and it's also an investment for the city, which spent $96.5 million buying the land for Luna Park in an effort to revitalize the once-vibrant community.
This is the second Luna Park to open on Coney Island. The first opened in 1903 and closed in 1948.
Mayor Michael Bloomberg is hoping this is the start of a new golden era and that the investment will pay off.