Gay Aquatic Review and Mike Duffy Miniature Sideshow Carnival At the Circus in Black and White

I've done thirty or more "at the circus in black and white" posts here over the years, but this one is most curious.  The snapshot appears to show a MINIATURE circus.  Small period signs announce the performers.  A tiny "Cotton Club" stage and show.  The snapshot reverse reads "Mike Duffy and nephew on horse.  Carnival Midway front and background".  No date, but 1930 to 1950 I presume.  I have no idea what the "Gay Aquatic Revue" is.  

Original snapshot photograph of miniature Duffy Circus Collection Dull Tool Dim Bulb