The Dreamland amusement park at Coney Island was closed down Friday due to missed rent payments. NY1's Ty Milburn filed the following report.

The company that owns the land Dreamland sits on has shut down the popular Brooklyn amusement park. Thor Equities says it locked up the park because the Dreamland management hasn't been paying the rent -- a charge Dreamland President Anthony Raffaele disputes.

Raffaele claims they have been paying the rent and says he's in shock by the lock-out done, calling Thor's actions illegal and just plain wrong.

"First of all they came down here, they quadrupled everybody's rent in Coney Island. Nobody in Coney Island can pay their rent now, Raffaele said. "And now they come down here and cut all the locks. Why'd they wait till now, if I haven't been paying the rent, it's two weeks away from the end of the season."

Sources tell NY1 that Dreamland, which began occupying the former site of Astroland this year, paid $30,000 in rent but owes another $600,000.

In a statement, Thor Equities said, "We are hopeful that Dreamland will soon pay its rent so it can quickly reopen the rides and allow Coney Islanders and visitors to continue enjoying what has been a spectacular summer so far."

John Ward, who runs the photo booth located right across the street from Dreamland, says he worries about the impact the sudden move could have on his business.

"It might hurt. We're just going to have to see. The next couple of days. This weekend is going to be a tough one. We'll see what happens," Ward said.

Locals say not having Dreamland open leaves a big hole in the town, but it's also a void some other business owners hope to fill.

"We'll benefit because they're closed. In other words, it's less games for people to play with and it's less spread out and more compact so they'll be here and we'll benefit from it, hopefully," said Howie Meltzer of the Coney Island Horse Derby.

It's still not clear when the gates of Dreamland will open back up as the case makes its way to court.