I was at City College of New York (CCNY) in 1971, just across the Hudson River from Palisades Amusement Park. I remember some kind of huge fire that took place - there were large columns of smoke going up to the sky that we could see from New York.
Someone told us students that it was the amusement park burning down. Now, I’m not so sure.
You aroused my curiosity. It seems it just died a slow death. The property was bought from the heir-less surviving owner, and eventually they developed upscale high rises on the palisades side of the Hudson in Ft Lee.
https://en.wikipedia.org/wiki/Palisades_Amusement_Park