It became known as the "Water Ski Capital of the World" because it was the site of many of the sport's landmark firsts and over 50 world records were broken there. During World War II, soldiers visited and waterskiing was introduced for their entertainment. Numerous movies were filmed at the park, including portions of This is Cinerama, the first feature filmed in the wide-screen format, and a string of Esther Williams films and TV specials in the 1950s and 1960s. In the 1950s the Southern Belles attraction was introduced, in which young women dressed in the crinolines reminiscent of the Antebellum South. During the 1961-1965 American Civil War Centennial young men dressed in Confederate uniforms would be photographed with the Southern Belles. In the early 1960s a custom photography boat named Miss Cover Girl was introduced, and the park became a popular site for the filming of television commercials.
Many celebrities and dignitaries have skied and visited at the park, including Elvis Presley, King Hussein of Jordan and his son and successor, King Abdullah II. It was also the site of a Johnny Carson special.
In 1985 book publisher Harcourt, Brace, Jovanovich purchased the park to build their SeaWorld parks group. Harcourt sold the other businesses to Anheuser-Busch in 1989. Busch continued to operate Cypress Gardens until April 1, 1995, when a group of the park's managers, led by Bill Reynolds, bought the property.
Buescher's plan to reopen the park in September 2004 was delayed by damage from hurricanes Charley, Frances, and Jeanne. Cypress Gardens Adventure Park finally opened in November 2004. One of its new attractions, the Triple Hurricane roller coaster, was named for the tumultuous storm season. The adjacent Splash Island water park opened in 2005, along with the Galaxy Spin roller coaster.
On May 18, 2006, scenes for the film Grace Is Gone, starring John Cusack, were shot at Cypress Gardens. In the film, a man delays telling his daughters that their mother has been killed in the Iraq War by taking them to "Enchanted Gardens", their favorite theme park.
In September 2006, Adventure Parks Group filed for Chapter 11 bankruptcy protection at the Florida site citing approximately $30 million in damages sustained from the 2004 hurricanes.
Land South Adventures, a subsidiary of Mulberry, Florida-based Land South Holdings, purchased Cypress Gardens at a bankruptcy auction on October 16, 2007, for $16.9 million, leaving Buescher as interim manager until Baker Leisure Group of Orlando, Florida, took over park operations in January 2008.
On Monday, November 10, 2008, Land South Holdings announced the temporary closure of the park, which was shut down November 17 of that year. It reopened on March 28, 2009, with an expanded water park named Splash Island. The animals, however, were gone, and the rides did not operate or had already been removed. Cypress Gardens and Splash Island began separate ticketing, with dual-park season passes also available; parking was free.
On September 23, 2009, owner Land South Holdings LLC announced that the park was closing immediately, saying that all avenues to keep the park open had been explored but that they were unable to find a way to "keep the park running in its traditional form".