
It seems that Bugsy McKenna is on the run from the mob. Not just any mob, one headed up by a well educated Mr. Henry Praisewater accompanied by his two henchman. Bugsy was given money to purchase land in the desert for a new hotel but he invested it in his name now they want his hide. He turns to his friend Mr. Lucky to hide him, but Praisewater is hot on Bugsy's tail. Mr. Lucky is caught by Praisewater, claiming Bugsy's not on his casino boat. A few minutes later Mr. Lucky literally steps on Bugsy, to his surprise. He tries to hide Bugsy in the hidden wine room but Bugsy gets drunk and escapes. To add to the chaos, Bugsy's wife is onboard and in order to protect her Lucky knocks her out, pretending she's some woman he's romancing. Bugsy, walking around the boat druink accidentally dropping a bottle of champagne on Praisewater's head. Now Bugsy's cover is blown. Praisewater beats up Lucky and his sidekick Andamo. Mrs. Bugsy wakes up, see's her husband about to be shot and grabs Lucky's
Mr. Lucky and his associate Andamo are forced to abandon their casino in Andamo's island country when the corrupt president learns that their yacht, the Fortuna, has been used by a group of revolutionaries to bring in arms.
Lucky and Andamo, penniless, crash a costume party aboard an enormous yacht, and Lucky turns it into a floating casino, the Fortuna II.