The 59-year-old entrepreneur ended up in the sea – along with one of his employees – when a jet ski stunt went wrong.
Things started out well as Richard powered though the water in front of Las Vegas' famous Bellagio with stewardess Vicky Lewis riding behind him.
The pair were on their way to a podium where Richard was to "conduct" a fountain display, set to music. But after misjudging a turn Richard lost control of the high speed vehicle, tipping them both into the drink.
After getting over the shock of being plunged into the water, both Richard and his companion saw the funny side. They were quickly pulled out by safety workers, before Richard finally managed to get on with the business of conducting the fountains.
The event was in honour of the ten-year anniversary of Virgin Direct London to Las Vegas flights, which have brought in $1 billion for Richard's company.
And it's not the first time the businessman has suffered a mishap during a stunt in Las Vegas. In 2007 he was left red faced after his pants split while he was abseiling down the city's 407-feet-high Palm Casino Hotel.