The funfair near the boating lake has been open since the beginning of May but has so far been hit by bad weather.
However, its owner Henry Chipperfield - a member of the famous circus family - is hoping this will all change over the Bank Holiday.
"It's rained since we set up so we are looking forward to some good weather - although we are ready for anything because we've floored the whole site so there will be no muddy feet," said Henry.
As part of the official opening, which takes place today (Saturday), £500 will be presented to Mayor Coun Trevor Burnham for his charity. Ten families will also be given free tickets.
Special attraction will be a 1920's steam locomotive, which was used to transport rides and power them.
Rides include dodgems, a 1950 Helter Skelter, Muffin the Mule, a 1960's carousel and a 1930's Ferris wheel and a Skegness themed fun house.
"It's lovely seeing families out together enjoying the rides," said Henry. "We often hear grandma telling the kids that she used to go on them. It's a fantastic way to make money."