I must admit, before my recent visit, I hadn't been to Luna Park since 1979, just before the infamous ghost train fire in which 6 children and 1 adult tragically died. The park was abandoned after that and fell into disrepair before being restored and reopened in 1995 (without a ghost train). The face more than the actual park has become one of the icons of Sydney.
It is still a fun day out even if it's not quite the same as the 'good ol' days' before the fire. Just bring your money.