This is a so-so story, with the typical formula of boy meets girl, boy loses girl, boy gets girl back again, in combination with a story about speedboat design and racing. There isn't much here to interest today's movie viewer. While there are some movies of the early 1930s which continue to delight us (e.g. Dinner At Eight), this movie isn't one of them.
Lead star William Haines was at the end of his film career. In his biography of Haines, "Wisecracker", author William J. Mann alleges that Haines's career was on the decline partly due to his aging out of the roles he had become typecast in, and also to becoming pudgy. Yet, Haines appears in a swimsuit in this film, looking fit and trim.
The Great Depression made film studios reluctant to make long-term contracts with actors, and when they did, they substantially reduced the salaries paid. Stories of Haines's enmity with MGM brass, and the effects of his personal life, may be apocryphal. The net net is that Haines wasn't making money for MGM any longer, and so he was out.
I wouldn't recommend this film unless you are a real die-hard Haines fan.