Truly one of the most demented, batshit INSANE b-movie of all time. Virtually plotless, just a nightmarish spook show made on a $2 budget (the cheapness and amateurish framing and camera angles only adding to its dank, seedy vibes). There's something uncomfortable and genuinely creepy here, like these acidheads just broke into an abandoned, deteriorating carnival at night with a camera and shit went crazy. Essential!
At times this threatens to be the best possible version of Manos ever made, but there are enough imaginative touches (the Lewton-esque scene where Malatesta "reveals" his "Face of Madness" is a fantastic moment, or that Powell and Pressburger reveal of Malatesta as a balloon head with a cape) to make it all worthwhile.
Aside from some fun atmosphere, there's little to commend this one for. Kim Newman's "essay" from Arrow's American Horror Project box set (in which this film is included) is literally just a list of similar underseen films and the cast's post Malatesta credits. There's nothing to analyze here and even less to enjoy.
I cannot recommend this with any certainty or legitimacy. There is no plot, no acting, and hardly any gore - but it has mood to spare, with an elliptical, nightmare logic that is deeply troubling, and scarier and seedier than its mainstream counterparts. If you like the title, you'll love the movie. I enjoyed the hell out of it.