Panama City Beach has a surprisingly active diving scene for a Gulf resort. The Navy and state have deployed dozens of artificial reefs offshore — decommissioned vessels, concrete structures, and limestone boulders — that have become some of the most productive dive sites in the eastern Gulf. Dive charter operators run multiple trips daily from the marina on Grand Lagoon.
Charter fishing is equally well-developed. The Gulf here holds amberjack, grouper, snapper, and kingfish offshore, and inshore fishing on the bay produces redfish, flounder, and speckled trout. Full-day, half-day, and evening charters are available from numerous operators on the marina docks at Grand Lagoon. You don't need to bring anything — tackle, bait, and ice are included.