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HIGH-STAKES GAMBLING ON THE HIGH SEAS

A 162-foot luxury yacht owned by Bay Cruises offers gambling excursions out of Sheepshead Bay in Brooklyn.

The Liberty features a two-level casino with 146 slot machines and 16 table games. It takes 200 passengers on daytime, evening and "moonlight madness" gambling cruises to international waters three miles from shore. About four hours is devoted to gambling before the yacht returns to shore.

Excursions leave at 10 a.m., 2:30 p.m. and 7:30 p.m. daily; the "moonlight madness" cruise runs from 1 to 6 a.m. Saturday and Sunday; cost ranges from $29 to $49, including a buffet. Call Bay Cruises, (718) 368-9000.

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