They need to get a coaster back in there. Subsidize an amusement park by having it be property tax free, and stipulate it be pay per ride (or wristbands) and not pay for admission. I would love to see Revere partner with Canobie, but a bigger corporation like Cedar Fair or Six Flags typically have coasters and flat rides in storage they could rapidly deploy. Not that Revere beach is lacking in patrons, but it lacks the soul you find south on the Jersey Shore and north at Kennebunkport and such.
I may have said it before, but I find Wildwood, NJ to be the epitome of what a summer beach destination should be. Its got very similar bones to Revere, right down to the bay/swamp|land|ocean layout. Where it stands apart is a massive emphasis on the boardwalk atmosphere, which Revere strongly lacks. A big part of this issue is way too many streets blocking access to and from the beach, too much green parkland (you have the beach, you don't need a park right next to it) and not enough attractions (garbage stores, arcades, ice cream, crappy pizza, etc)
Revere Beach Blvd should be closed from Eliot Circle to Revere Street. The beachfront half should be converted to a 40' wide boardwalk, while the other half and that useless park between Ocean Ave and RBB sold for dense redevelopment with 100% mandated retail along the boardwalk. Have all this culminate at a new coaster and amusement center at Wonderland. North of Revere St it can be more miami-beachy with condos right on the water and less of an amusement feel. I would also push for a one stop extension to Oak Island, as there are some light industrial and otherwise sparcely developed parcels that could support some really dense, tall TOD. Make Oak Island a literal island of tallness at the end of the BL.