Lucky and Andamo, penniless, crash a costume party aboard an enormous yacht, and Lucky turns it into a floating casino, the Fortuna II.

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

Lucky is challenged to a high stakes game of pool by a gambler who brings a pair of thugs with him to insure that he wins.

Andamo falls for a lady who boards the Fortuna in an effort to stop gambling there.

A gangster is pressuring a comedian who works on the Fortuna to quit his job.

A businessman under investigation for tax fraud tries to place a similar rap on Mr. Lucky to keep the IRS investigator busy until he can fix his own books.

Bandits set out to frame Mr. Lucky when he turns down their request to use the Fortuna as a getaway vehicle.

After a ruined poker player attempts suicide, Lucky sets out to find who has been using marked cards at a friend's club.

Lucky hires himself a hit man to find out who is trying to kill him.

Lucky runs for city council to try to oust the criminals who run the town.

Lucky is accused of a hit-and-run murder when he loans his car to a friend.

Lucky wins a lottery for which the prize is a date with a popular Hollywood actress who asks Lucky for help against blackmailers.

During the middle of the night a small boy is smuggled onto the Fortuna from a small fishing vessel.

A bungling waiter shows his appreciation by robbing Mr. Lucky after Lucky decides to give him one last chance instead of firing him.

A runaway heiress stows away on board the Fortuna, but a peculiar man is pursuing her.

A woman who needs lots of money very quickly comes to Mr. Lucky for help.