When Six Flags bought the Gurnee Great America park in 1984, they kept the Magic Lake Show. With investments from the new owners, the show received a major update. This version of the show ran from 1984 to 1990. This version of the Magic Lake Show was split into two shows: "Show A" and "Show B".

"Show B" featured newer character barges. The Tweety barge was updated from the 1977 design New characters included Sylvester, Gossamer, Foghorn Leghorn, Hippety Hopper, and Wile E. Coyote. Elmer Fudd made a return from the 1977 show. The "Show A" segment had two new characters added, Tasmanian Devil and Marvin the Martian.

The WB shields from 1983 were given a more "elegant" change. Another addition to the show was an electric hot air balloon that flew over the entire show.

The original finale from the 1978 version was given a major overhaul. It now looked like the end credits from the original Looney Tunes shorts. This version of the Magic Lake Show became a massive hit for the park. This became known as "The Six Flags Electrical Parade" to some industry insiders.