This one is going to be difficult as I know so little about it, but here goes.

Set in the racing world in Florida (I think). Cannot remember who was in it and I think it was filmed in the late '80s or early 90's.

I remember that the protagonists did go to a bar where there were women swimming around pretending to be mermaids.

Also the whole plot revolved about dealing in frozen horse semen (yes I said semen) from very valuable racing studs.

I do remember it was very stylish and well filmed with excellent music.

Help please, this has been driving me crazy for some time now.