Mickey Rubin is a lifeguard at Coney Island who harbors dreams of becoming a playwright, drawing inspiration from the great Eugene O'Neill. Throughout the narrative, Mickey provides a unique perspective, often speaking directly to the audience. The story kicks off when Carolina, the daughter of Humpty Rannell, arrives at the boardwalk in search of her father's second wife, Ginny Rannell. Ginny, who works as a waitress at a local clam shack, is approached by Carolina, who is desperate for a place to stay. However, the decision to house her ultimately lies with Humpty, who is incensed at Carolina for abandoning her college education and marrying her mobster boyfriend, Frank. Now in fear for her life due to her cooperation with the FBI, Carolina pleads for sanctuary, revealing to Humpty that she is on the run from Frank, who she believes intends to kill her. As a compromise, Humpty allows her to stay, but with the condition that she must work towards returning to college to improve her life.
In her new role as a waitress, Carolina struggles to adapt, while Ginny reflects on her own past. Once an actress with a promising career, Ginny's infidelity led to a bitter divorce, and she now finds herself raising her troubled young son Ritchie, who struggles with behavioral issues, including setting fires. Unhappy with her life alongside Humpty, an angry and boisterous recovering alcoholic who tends to the carousel and enjoys fishing, Ginny begins an affair with Mickey. Mickey is drawn to Ginny's allure and maturity, feeling a desire to rescue her from her troubled existence.
As their lives entwine, Mickey accidentally encounters Carolina and becomes intrigued by her story and resilience. Torn between his feelings for Ginny and the connection he forms with Carolina, complications arise. Ginny, feeling threatened by the burgeoning bond between Mickey and Carolina, resorts to stealing from Humpty to buy Mickey a lavish gift—a watch that he ultimately rejects. Her jealousy grows as she acknowledges Mickey's interest in Carolina.
When mobsters Angelo and Nick return, seeking Carolina, tension escalates. A dinner date at a Brooklyn pizzeria leads to a series of misunderstandings, with Ginny attempting to warn Carolina over the phone but ultimately stammering and hanging up, which results in a missed opportunity to protect Carolina. During this tumultuous time, Mickey confesses his feelings for Carolina, and she is left to navigate the emotional aftermath, wrestling with the implications for Ginny and Humpty.
As Carolina fails to return home, Humpty, concerned, questions Mickey about her whereabouts. Mickey, determined to find the truth, investigates and uncovers Ginny's nervous phone call to the pizzeria. In an emotional confrontation, Ginny, now heavily drinking and wearing her glamorous stage attire, reacts violently, hoping to escape her torment by compelling Mickey to kill her. Disturbed, Mickey walks away as Humpty, overwhelmed by the chaos, spirals back into alcoholism, yearning for Ginny's assistance to regain stability in life. He seeks to create positive experiences, inviting Ginny on a fishing trip with his friends' wives, but she rejects his attempts, resigned to the continuing despondency of their lives.