On May 2, 1936, the Logan Valley Railway company announced that Lakemont had been suffering losses for many consecutive years. While they used to be able to afford taking the hit, they no longer could. They wanted to donate the park to a local municipal authority, otherwise they would close the park. They had no interest in selling the park to another for-profit company. The park never officially opened in 1936. A substantial "Save Lakemont Park" campaign began in February 1937. A fund was created by the local Chamber of Commerce, but it required $10,000 in donations. They were able to raise the money and officially reopen the park in 1937.
Many references state Lakemont Park opened in 1894. This appears to be in error as a July 1st, 1893 article in the Altoona Tribune, writes that the Fifth Regiment drum corps, of Altoona, had a parade on Friday, June 29, 1893, as an early celebration to the grand opening of Lakemont Park on July 4, 1893. That is followed by many articles from July through October 1893, which speak about groups having events at Lakemont Park.
On March 21st, 2017, Lakemont Park announced the park would be closed for renovations for the majority of the 2017 season. The park did reopen on November 17th, 2017 for Holiday Lights on the Lake. In March 2018, it was announced the park would remain closed for the 2018 season and reopen in 2019. The park's annual 4th of July fireworks and Holiday lights will still occur during 2018.