The story of four characters whose lives intertwine amid the hustle and bustle of the Coney Island amusement park in the 1950s: Ginny, an emotionally volatile former actress now working as a waitress in a clam house; Humpty, Ginny’s rough-hewn carousel operator husband; Mickey, a handsome young lifeguard who dreams of becoming a playwright; and Carolina, Humpty’s long-estranged daughter, who is now hiding out from gangsters at her father’s apartment.

Set ten years after the events at the Paris Opera House, the Phantom has fled to New York, where he lives amongst the joyrides and freak shows of Coney Island. He has finally found a place for his music to soar, all that is missing is his love Christine Daaé. In a bid to win back her love, the Phantom lures Christine, her husband Raoul, and their young son Gustave from Manhattan, to the glittering and glorious world of Coney Island... they have no idea what lies in store for them...

Hooker and Gondorf pull a con on Macalinski, an especially nasty mob boss with the help of Veronica, a new grifter. They convince this new victim that Hooker is a somewhat dull boxer who is tired of taking dives for Gondorf. There is a ringer. Lonigan, their victim from the first movie, is setting them up to take the fall.

An elderly man is determined to reopen the Coney Island boardwalk hot dog stand he closed twenty-two years earlier for renovation, despite the fact he's recovering from a severe heart attack and it's the middle of February.

During the last years of World War II, Hermie, Oscy, and Benjie are coming of age. They went their separate ways when they graduated from high school in 1944. Benjie joins the Marines as Hermie and Oscy enter college. There, Hermie falls head over heels for another freshman named Julie, and the two old friends deal with a troublesome fraternity president who is in charge of hazings.

Catherine and Mack and their close friends Chris and Madge graduate from a West Coast college and fly to New York City to find work.