"Everyone will be paid for all time worked," he said.
The company has not figured out how to handle any existing reservations. The Belle's website had no mention of the decision to shut down Thursday, but had stopped taking reservations.
Miles said sales were not meeting operating costs. The ship remains on the river.
Miles said Philadelphia Riverboat L.L.C. was leasing the ship but did not own it.
"It's a great ship," Miles said, "and I hope someone will want to operate [it] here in Philadelphia."
Virginia-based CI Travel bought the riverboat - a replica of the vessels of the 1800s that plied the Mississippi River - for about $3 million last year and brought it to Philadelphia in August.
The Belle was greeted by a Mummers string band and a Ben Franklin impersonator.
Built in 1994, the riverboat was originally named the Mississippi Belle II and was a vehicle for the gaming industry on the Mississippi River.
After land-based casinos were permitted, the vessel was no longer needed.
For its arrival in Philadelphia, the paddleboat had star collaborators on board.
Kenny Gamble and Leon Huff, architects of the Sound of Philadelphia, supplied the music.
Starr Events, the catering arm of the Starr Restaurant Organization, handled the provisions but only for the opening event, a company spokesman said.