Their web page indicates live invertebrates and they have many images of live hard and soft corals. Here is a link:
http://www.scubaquarium.com/life-invert.php. Regardless of whether the inverts are living or not, this is probably not a sound business plan unless you are printing your own money.
Regarding opening ... I seem to remember their web site last year said it would open in 2005. If it isn't well under construction now, at least foundation, walls, and roof, it is highly unlikely it could open in less than a year. Expect to see that 2006 become a 2007 in a few months.
It would be fun to dive there, real corals or not; maybe buy a membership and go there a few times a year. I would be pleasantly surprised if my naysaying was proven wrong. But taking a realistic perspective: if something appears too good to be true, it probably is.
One thing they have done, from the wording of the web site, is try to protect this business concept as their own. So that if anyone does ever come up with a way to make this work and pay for it, Scubaquarium could take the real business to court for infringing on their intellectual property rights. That would certainly be an interesting legal argument.
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Scubaquarium LLC holds all intellectual property and intends to build and license individual Scubaquarium entities around the world.
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Suggest driving downtown (Chicago) and volunteering at the Shedd Aquarium instead. You can dive there once a week for free once you get on the schedule.