From an advertisement in the New York Daily News on 5/20/98:

The newly refurbished Regal Empress will be begin sailings from NYC on 6/15/98. There will be 1,2 and 3 day party cruises. Longer 5 to 7 day cruises to New England, Canada and Bermuda. For more info call 800-270-SAIL.

There is a picture of the boat in the ad, and this seems to be a full sized cruise ship, not like the 150' yacht, Regal Princess, sailing out of Freeport, NY.