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For hundreds of people every day, South Florida's growing fleet of casino ships provide entertainment, excitement and the chance to make a small fortune - or lose one - at sea. Among them: a Bahamian firm that wants to run two ships at once and Casino America, a publicly traded outfit that would use a 2,passenger ship. That permits a shallower draft so ships don't have to operate from a deep-water port. And Backus says the smaller size and lack of amenities on casino ships hurt the entire market. If seas are getting rougher for Discovery, it casts some doubt on the profitablity of day cruising. At to feet, they are smaller. But signs of trouble abound. While the cost of getting into the day-cruise business is not prohibitive, it isn't peanuts either. Full ships are surprisingly rare. Five other companies may compete for a third day-cruise berth at Port Everglades if a county study in the works shows conditions to be favorable. Because they don't make extended cruises to the Bahamas, they can offer gambling twice a day. Jill DeChello, a spokeswoman for Club Royale, said an insurance settlement is pending. Earlier this year, Port Everglades hinted it might add a third day cruise ship to supplement Discovery and SeaEscape. The Entertainer, like most such ships, does day and evening cruises of five to six hours. Last year Starlite Cruises pulled out after a two-year run. The campaign underscored the profit potential for gaming in the state. Day cruising was pioneered by SeaEscape in and refined by Discovery, which began in Both firms have centered their business at Port Everglades. Except for the largest lines, most casino ship operators say they are breaking even at best. Despite the daunting track record, cruising to nowhere continues to look like a rich vein of ore to companies that want to mine new profits in the gaming business. Although some Florida legislators are moving to tax casino cruise revenue, for now the tax loophole is drawing operators to Florida. Most firms are private and don't talk specifics. Mahaffey hopes that going into its second winter season, Vegas Express will have enough name recognition and credibility to turn the corner on profitability. But the biggest difference is the casino ships make no pretense of being anything other than gambling venues. The ship went to sea during Hurricane Erin as a safety measure, but ran straight into the storm. Dealers in formal attire turn diamonds and clubs face up on green felt tables. Chips spill as bets are won and lost. A second factor is weather. To make money requires staying power, a quality that has tripped up more than one company. Two more are gearing up to sail from docks in Pompano Beach and Riviera Beach. Venture aboard one of these floating casinos and you'll see the sights and sounds of Las Vegas compressed into a space small enough to fit on board a ship. But the big impetus came in with Florida's referendum to add land-based casinos. Joe Ewart, a consultant at Fort Lauderdale-based Maritime Resource Group, said gambling cruises may look easy but his experience at the helm of a San Diego day cruise firm from was no picnic. After Florida voters rejected land-based casinos in , the ship-based gaming industry took off. The resounding no vote gave casino cruises a clear field to set up shop. The port received at least five serious proposals. After sailing from Tugboat Annie's in Dania for the past fifteen months, the passenger Vegas Express is still going out less than half full on an average day. That appeals to plenty of South Floridians. Where a seven-day cruise ship has to be filled 52 times a year, gaming cruise ships make to trips annually. Players surround a roulette wheel to follow the bouncing ball. Competition is intensifying. No fewer than eight ships in South Florida run casino cruises to nowhere. Club Royale Cruises had been operating its foot ship from Riviera Beach for less than a month this summer when it sank. It continues to operate while trying to reorganize its finances. South Florida has had ships that incorporate casino gambling on day cruises for more than a decade. Lester Bullock, president of the Madiera Beach company that operates the Sea Kruz in Miami Beach, blamed seasonal factors and tougher conditions. Finally, because it is generated in international waters, casino revenue from Florida-based ships cannot be taxed by the state, giving casino ships a bottom-line advantage compared with gaming businesses elsewhere in the United States. But the new breed of casino ships differs from established day cruises. Even if they dodge business potholes, casino ships can face special hazards.{/INSERTKEYS}{/PARAGRAPH} Many dock at marinas where there are no port charges and parking is free. It is now in the process of choosing a consulting firm to do the work. Matthew Flinders, which arrived in Riviera Beach in early December. Once the ship passes the three-mile boundary between Florida state waters and international open ocean, Florida's ban on casino gaming no longer applies and the tables are opened. Add tourists to the regional population of 3. SeaEscape, which went through a bankruptcy reorganization in , is down to one ship; it once operated four. Lucky Star Cruises shut down before it had been operating for two months. Other areas that could support cruises to nowhere have cold, windy winters. First, South Florida's population is more comfortable than many other parts of the country with gambling. Bells clang and lights whirl above slot machine jackpots. {PARAGRAPH}{INSERTKEYS}With a little bit of cash and a lot of luck, they could be a ticket to riches. That hasn't slowed the interest in Florida-based casino ships, though. Discovery is often cited by travel agents as the best-run day-cruise line. Club Royale has chartered a replacement ship, the Capt. For example, a proposed casino in New Orleans would have paid a 25percent tax on gaming revenue. The line expects to resume cruises soon, DeChello said.