The 324-foot Lady Luck sunk off the coast of Pompano Beach on Saturday, and area officials say the ship will bring thousands of tourists to the area, the Associated Press reported.
The artificial underwater casino is expected to attract about 35,000 divers each year, according to AP.
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About 300 boats showed up for the sinking of the vessel, and onlookers cheered as the ship descended into the ocean, AP reported.
"I think it went down just the way that we wanted," the casino's artist Dennis MacDonald told AP. "It was incredibly beautiful."
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Built in 1967, the ship was towed from New York to Florida earlier this year, AP reported.
Divers can swim right up to faux slot machines and poker tables, swim past three massive shark statues and participate in an interactive art exhibit, AP said.
"It's going to help the hotels, the restaurants, and the ancillary effect is going to ripple out for years to come," Economic Development Council of Pompano Beach chairman Tom DiGiorgio told AP.
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