if you are referring to the amusement park in Vernon, New Jersey, then no.
The film is based on Adventureland in Farmingdale, New York and its still open.
Ironically, they had to shoot the film at Kennywood Park in Pensylvania, because Adventureland no longer looked like it did back in the 80's
No. This movie references Adventureland, from Farmingdale, NY. https://en.wikipedia.org/wiki/Adventureland_(New_York) Although it was filmed in Pennsylvania in a different park.
shareAs other said, no, not at all, Action Park was (still pseudo is) a very, very different sort of park than the Long Island boardwalk type amusement park the story was supposed to be based on (as others said they had to film way in PA to find a place that still looked like it had though).
Action Park was more of an extreme water sports/rides park.
Alpine slides. Motorboats in a pond. Insane water slides of various types. Insane wave pool (they'd have to rescue like 30 people a day). Tarzan swings (high swing over rocks and then water and people below; and yes, if you were foolish and let go over the rocks or people it could be exceedingly bad).
Got the nickname Traction Park.
They had to form their own off-shore insurance company in order to insure themselves.
If you were smart it was mostly safe and great fun. But it was setup so that if someone was stupid they could do wild stuff that could be ultra dangerous and I am being literal when I say that or get hurt by someone else acting in reckless fashion. Even if you tried to be safe, it could still be bad in a few cases though as the wave pool could quickly become too much for some and they once had an electrical failure at the guided mountain canoe ride and someone stepped out into the water and got hit with a horrible amount of volts.