On the dock near the Fortuna II, Lucky's security man Pudge calls to tell him that mobster Henry Praiswater and his thugs, the Reni brothers, are taking a launch out to the yacht. Lucky and Andamo greet them and invite Praiswater to Lucky's cabin. Once they're alone, Praiswater demands to know where he can find Bugsy Mckenna. Lucky insists that the man, an old friend, isn't onboard, but Praiswater says that they saw Bugsy on the deck. He demands to search the yacht and Lucky agrees, insisting that Bugsy isn't aboard... until he sees him hiding beneath Lucky's desk. Andamo accompanies Praiswater on his search while Lucky yanks Bugsy out. Bugsy begs his friend to save his life and Lucky tells him to stay put while he gets the liquor locker ready.
While the Renis tear up the yacht, Lucky gets a waiter's uniform and brings it back to his office. While Bugsy puts it on, he explains that the mob had him buy some land for a hotel, but he decided to buy it in his name. Lucky sighs in exasperation and takes Bugsy to the casino. When Bugsy spots Praiswater coming in, he panics and drops his waiter's tray. As he kneels down to get it and keeps his face hidden, Praiswater tells Lucky that he hasn't found Bugsy yet. Lucky tells Andamo to take the mobsters to the chain locker, and shoves Bugsy in the liquor locker once they leave. As Lucky leaves to make a call, Bugsy grabs a bottle of wine and starts drinking.
Lucky goes back to his office, hides Bugsy's clothing, and calls Pudge to have him send a launch over. However, Bugsy's wife storms in and starts to thank Lucky for helping her husband. He shoves her in the adjoining room and closes the door just as Praiswater and his men return. Praiswater notices the door but Lucky claims that he has another man's wife inside. The mobster doesn't believe him and starts to go in, but Lucky goes in first. When Mrs. McKenna won't play along with kissing him, Lucky punches her unconscious and fakes kissing her. Praiswater comes in, sees them together, and is satisfied.
Lucky offers to escort Praiswater to the launch now that that the mobster is satisfied that Bugsy isn't aboard the yacht. However, as they go out on the deck, Lucky spots a drunken Bugsy staggering along the deck. The casino owner immediately tells Praiswater that they should check the liquor locker and shoves him and his men inside, while Andamo goes after Bugsy. Bugsy staggers into a cabin before Andamo can spot him, and then makes his way out to the deck. Andamo backtracks and soon catches up to him.
Lucky shows Praiswater the empty liquor locker and offers the mobster a drink, but Praiswater is ready to go. They head for the launch and Praiswater admits that he'd hoped that he would catch Lucky helping Bugsy and deal with him. Meanwhile, Andamo finds Bugsy on the deck above and grabs him, holding his mouth shut. However, Bugsy drops his liquor bottle on Praiswater, hitting him on the head.
The Renis grab Bugsy and take him to Lucky's office. Praiswater has them punch Lucky and Andamo, and Lucky still insists that he didn't know Bugsy was aboard. He insists that he wouldn't risk his life for a punk and Andamo says that they planned to grab Bugsy and turn him over to Praiswater. Convinced that Lucky is telling the truth, Praiswater prepares to take Bugsy ashore and dispose of him. Meanwhile, Mrs. McKenna wakes up in the adjoining room, hears Lucky talking, and figures that he sold out her husband. She goes through the drawers and finds Lucky's gun.
As Lucky calls to shore to summon the launch, Mrs. McKenna comes out and prepares to shut Lucky for betraying Bugsy. However, the gun isn't loaded and Praiswater punches her unconscious while his men punch Lucky and Andamo. When Bugsy tries to fight back, one of the Renis shoots him and Bugsy goes down. Lucky checks on him, realizes that it's only a shoulder wound, and tells Praiswater that Bugsy is dead. While Bugsy plays dead, Lucky tells Praiswater that he'll dispose of the body for him while he lies low with his men. Praiswater agrees but destroys the ship-to-shore radio so Lucky can't call for help.
Lucky and Andamo haul Bugsy out through the casino, telling everyone that he's drunk. Bugsy starts to sober up and yells bloody murder, and the two men toss him into the liquor locker and close the door. Lucky then calls Joe the croupier to his office and asks him to pose as a corpse. Joe refuses and Lucky tells Andamo that he'll have to do it. Andamo reluctantly agrees and goes to get a sheet, a sharp knife, and some weights.
While they wait in Lucky's office, Praiswater tells the Renis that they'll wait until Lucky disposes of Bugsy's corpse and then take him, Andamo, and Mrs. McKenna with them and eliminate the witnesses later.
Lucky tells a crew member to flash a SOS on the yacht's sign. He tells the man that it's a practical joke on the Coast Guard. Two Coast Guard sailors on a patrol boat spot the flashing sign but have no idea that it's an SOS. Meanwhile, Lucky brings Praiswater and the Renis to the deck to watch the burial at sea. They leave Mrs. McKenna behind, and she wakes up and staggers out.
When the bartender goes over to serve some customers, Bugsy sneaks out of the liquor locker and crawls out of the casino.
Praiswater and his men watch as Lucky prepares to throw the sheeted body overboard. Mrs. McKenna runs up and screams at Lucky not to throw her husband overboard. He punches her in the jaw to keep her from ruining the scheme and they toss the body overboard. The launch arrives and Praiswater decides to eliminate Mrs. McKenna. Lucky offers to do it but Praiswater has noticed that Andamo is gone and figure that something is going on. The mobster tells Lucky to get onto the launch.
Andamo crawls back aboard the yacht and goes to his cabin. He dresses and heads back to the deck.
Lucky bumps into a passenger and bluffs, claiming he's a police lieutenant. The man insists that he's just an accountant and goes into the casino, and Lucky tries another bluff. He tells Praiswater that Andamo swam to shore to get the Coast Guard and offers to cover everything up as long as Praiswater goes without Mrs. McKenna. Unfortunately, Andamo walks up and Praiswater realizes that Lucky is bluffing again.
As the mobsters put their three prisoners on the launch, the drunken Bugsy stumbles up and opens a champagne bottle. Praiswater figures the noise is a gunshot, turns, and knocks Mrs. McKenna into the water. Lucky and Andamo jump the mobsters and soon dispose of the three men. Mrs. McKenna crawls back up to the deck and tells Lucky to stay away from her. She goes to her husband while the Coast Guard arrives and tells Lucky that his sign is broken.