The drome was a popular venue for both Coney Island vacationers and New York City residents. At the height of popularity for both American bicycle racing and boxing in the 1920s, Coney Island drome was host to regional and state championship bicycle races, and boxing heroes including Rocky Marciano, Joe Louis, Jersey Joe Walcott, and Sugar Ray Robinson.
As the Great Depression began, bicycle racing on the Eastern Seaboard collapsed. On August 3, 1930, the velodrome was destroyed by fire but due to its location and use was rebuilt. The last event was an Old-Timers reunion and bicycle race on September 4, 1950. Coney Island Velodrome was torn down and replaced with high-rise housing.