From CNN Correspondent Jim Hill

LONG BEACH, California (CNN) -- The graceful sea lions seem to known how entertaining they are. Fluffy otters bask in the oohs and ahhs of their audience. Colorful fish dazzle as the steel-gray shark adds a sense of drama.

Welcome to the watery world the city of Long Beach is hoping will revitalize its economy.

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The Aquarium of the Pacific, which opened in late June, is using the impressive array of sea creatures to fill a void left when the once-thriving U.S. Navy base and the McDonnel Douglas aerospace plant both fell victim to military downsizing.

"I think this aquarium is probably the first indication of our renaissance," says Long Beach Mayor Beverly O'Neill. "It's a symbol for us."

It's more than a symbol to nearby businesses. It has brought more people into a sagging downtown area, and business owners are thrilled.

Other cities have also looked to aquarium water as a high-octane fuel for urban renewal or struggling economies.

Baltimore, Maryland, credits an aquarium with bringing business to its renovated waterfront. Monterey, California made an aquarium the center of its trendy Cannery Row. But similar projects in Tampa, Florida, and Camden, New Jersey, have failed to attract the business they hoped for.

"We're certain that we're not making any of the mistakes that were made, and we're trying to take advantage of some of the things that other people did, plus add our own experience to make this successful," says the Aquarium of the Pacific's Jim Hancock.

Long Beach has spent heavily on its aquarium gamble. It must attract about one-and-a-half million people a year to keep its head above water.