No, there are no coral reefs near Panama City Beach. Panama City Beach is located on the Gulf of Mexico in Florida, which is not known for its coral reefs. The Gulf of Mexico has a different type of marine ecosystem, focusing on seagrass beds and oyster reefs. nnWhile snorkeling and diving opportunities are available in the area, they are not centered around coral reefs. Still, you can explore the various shipwrecks in the area or visit the nearby St. Andrews State Park, which offers opportunities for snorkeling and kayaking in the Gulf of Mexico.n