Fantasy Farm Amusement Park will close its doors at the end of this season after 28 years in business but could be transformed into a picnic facility with a limited number of rides and swimming on site next year.

Owner William Johnson said in a press release Monday that the park, which specialized in amusement rides for children and a petting zoo, was the victim of rising labor and insurance costs.

Fantasy Farm was founded by former LeSourdsville Lake owner Edgar Streithau and purchased by Johnson in 1982. LeSourdsville Lake, opened in 1921, later became Americana Amusement Park.

Johnson did not return calls from the Journal-News Monday or this morning. 

"Many of the young families that came here over the years couldn't afford to pay more. We can't operate at today's insurance rates," Johnson said in the statement.

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Admission to the park was $6.95 during the four years preceding this season when the park raised admission to &7.50, officials said. Although the company did not release specific admission figures or operation expenses, Johnson claimed insurance and labor costs had more than doubled during the past five years. He said he had maintained a "steady" business through picnics, swimming and entertainment specials.

The park will continue to operate from noon until 6 p.m. Saturdays and Sundays through Sept. 22, and will be open for special group and Halloween events through the end of October, park officials said in the press release. The Fantasy Farm Motel will remain open, officials said.

The 14 family rides and 13 junior rides at the facility are scheduled for auction at the park Nov.6.