Camelot Theme Park in Chorley, Lancashire, has been placed into receivership.
Les Ross and Malcolm Shierson, of accountants Grant Thornton, have been appointed joint receivers.
The visitor attraction and the Park Hall Hotel, on the same site, are both operated by Prime Resorts and employ 101 staff. The 140-room hotel will continue to trade as normal while a buyer is sought.
Prime Resorts laid off 18 staff at the hotel last month and a further 29 jobs were lost today.
The theme park is currently closed for the off-season and was due to open on 4 April. Discussions are ongoing as to the future of the site.
Ross said: "Camelot Theme Park has struggled for a number of years to compete with larger attractions such as Blackpool Pleasure Beach and Alton Towers.
"Visitor numbers had been in decline at the park, which only operated for 20 weeks out of the year.
"The hotel had an extremely busy Christmas and New Year and also has very healthy bookings for functions and short leisure breaks. However, it has suffered a significant reduction in corporate bookings due to the economic downturn.
"We are optimistic about finding a buyer for the hotel, which will remain open for business as normal."
Proposals to transform the complex into a mixed-use development with residential, retail and leisure facilities have been well documented and are ongoing.