Not to be confused with the Phantom.
During the First Annual Ghostbusters Grand Prix, The Phantom appeared in the crowd, attracted to the reputation of the Ghostbusters, and believed they could be worthy opponents.  The Phantom opened a portal to the Netherworld and manipulated the Ghostbusters and Slimer into driving through it. They were transported to a parabolic realm of high density ectoplasm observed by The Phantom like a child looking into a fish bowl.
Egon did some quick research and discovered The Phantom, Class 7 Demon, was their mystery host. Meanwhile, Janine and Louis brought all of Egon's inventions to the scene of their disappearance and attempted to find one that could reopen the portal. Egon's Directional Finder went back online and he led the time south, southeast to the portal. This also led them to enter Level 3, the farthest anyone ever got in The Phantom's challenge.  Enraged by this development, The Phantom teleported inside the game and tried to stop the Ghostbusters. They were able to escape and Janine sealed the portal, stranding The Phantom back in the Netherworld as his game imploded. 
The Phantom is a Demon with the appearance of a pale, thin man dressed in black with a cape and a wide-brimmed hat.
Egon states The Phantom is a Class 7 Demon.
The Phantom displayed the several powers, including Intangibility, Slime Secretion, Weather Manipulation, Telekinesis, Portal Creation, Teleportation, and Arm Extension.
- The Phantom is somewhat like The Player, as both enjoy games with high stakes but instead trapped the Ghostbusters in a race rather than a train.
- ↑ Egon Spengler (2009). The Real Ghostbusters - "Afterlife in the Fast Lane" (1990) (DVD ts. 14:01-14:06). Time Life Entertainment. Egon says: "A Class 7 demon named the Phantom who has a penchant for board games with very high stakes."
- ↑ Egon Spengler (2009). The Real Ghostbusters - "Afterlife in the Fast Lane" (1990) (DVD ts. 14:07-14:09). Time Life Entertainment. Egon says: "Apparently he's never lost."
- ↑ The Phantom (2009). The Real Ghostbusters - "Afterlife in the Fast Lane" (1990) (DVD ts. 14:44-14:54). Time Life Entertainment. Phantom says: "I chose you Ghostbusters because of your excellent reputation. I have trouble finding worthy opponents but so far you get an "A" for effort."
- ↑ The Phantom (2009). The Real Ghostbusters - "Afterlife in the Fast Lane" (1990) (DVD ts. 19:54-19:57). Time Life Entertainment. Phantom says: "No one has ever made it to Level 3. No one!"
- ↑ Tucker, Keith (2009). The Real Ghostbusters Complete Collection Volume Four Disc Five, "Afterlife in the Fast Lane" Storyboard p. 76. CPT Holdings, Inc. Line reads: "As the Phantom is hurled backwards into his game, which IMPLODES in a binding flash of energy."