Cut a cardboard circle, about 18" in diameter. Draw a smaller (approx 3" diameter) circle in the center of this larger circle. Then cut ten narrow, "petal" shaped sections into your larger circle, as shown in the photos above.
Cut the following out of cardboard: Two 4" circles, one 3" circle, one 1 1/2" x 15" strip, one 1 1/2" x 14" strip, one 2" square, one 4 1/2" x 8" rectangle, five toilet paper rolls, with an oval cut into the top of each (set aside and save for making the Dumbo vehicles below!)
Make the base: Poke a hole through the center of one 4" circle and the 2" square. Stack the square on top of the circle. Slip a nut and washer onto your bolt, then slide the bolt through the two cardboard pieces. Add another washer and nut to the top. Tighten the nut and then HOT GLUE it in place (otherwise the nut/bolt will come unscrewed as it spins). Glue the 15" strip along the edge of the circle. This becomes your base.
Make the center column: Fold the 4 1/2" x 8" rectangle into a 3D column shape, lengthwise, with each long side being 2" wide. Hot glue.
Paint: The large "flower" looking shape should be painted blue on one side (the "inside") and gold on the other (the "outside"). You'll want to add a white and red stripe to the tips of each "petal" on the gold side as well. See photos!
Paint the outside of the base with a blue and red triangle pattern, outlined with gold. Paint the 14" strip blue and add gold stars. Paint the column blue. Paint the other 4" circle and the 3" circle gold. Paint five dowels red. Tip: I found that using paint markers was way easier on a lot of this than painting freehand, but either works!
Poke a hole through the center of the "flower" shape. Slide onto the bolt. Add a washer and nut. Tighten, but ensure the flower can spin fully and easily around the bolt. Hot glue in place.
Hot glue the column in the center of the flower shape, hiding the bolt inside of it. Then, hot glue the 14" blue strip around the edge of the circle in the center of the flower shape.
Trim red dowels down if desired. I trimmed about 2" off of each dowel, but you can decide if you want to leave them longer (making the Dumbo vehicles further from the ride) or make them even shorter (so they are closer to the ride).
Insert the dowels into the column. To do this, you're going to need to do some trial and error. You need to fit five dowels evenly spaced around the column. Additionally, each dowel needs to be placed so that it occupies a "space" in-between two petals, once they are folded up to become a sphere shape. See photos. Tips: To do this, I suggest holding up a dowel where you want to put it, and folding up the petals surrounding it to ensure it fits properly. Once you've done that, use scissors to poke a hole through the column where you want to insert the dowel. Put a large dot of hot glue on the END of the dowel and slide it through the hole until it touches the other side of the column where the glue will adhere. You'll want each dowel to be placed at a slightly different height, to give the look of the Dumbo vehicles moving at different levels.
Fold up each petal shape and hot glue to the top of the column. They should be curved (use your fingers to help curve the cardboard) and form a sphere shape.