Racing boats compete in a simulated race including forward and return heats. In the forward heat, the racing boats are accelerated along parallel guide channels from a forward launch station into a shallow splash lake, and then hydroplane to a forward heat finish line. In the return heat, the racing boats are accelerated through the same guide channels from a return launch station located on the opposite end of the splash lake. Passengers continue to face the reverse launch station as the racing boats plunge into the shallow splash lake and hydroplane to the return heat finish line. Each racing boat is mounted on an undercarriage assembly that includes rail-mounted centering wheels. The racing boats are accelerated by linear induction drive motors mounted adjacent the guide rails. Thrust is applied to the racing boats by magnetically conductive reaction plates that are attached to the undercarriage assembly and project laterally into linear flux slots formed in the induction stators of the linear induction motors.