By By M.M. CLOUTIER

Special to the Daily News

Editor's Note: This article now contains the correct information for The Colony. We apologize for any inconvenience.

New Year's Eve at the island's restaurants and resorts will unleash everything from a "fantasy" ball and star-headlining cabaret show to lavish multi-course menus, dancing and bubbly aplenty.

You can dine early and hit the party circuit, dress up for restaurants' theme parties — among them, a James Bond-style shindig — or stake your place for an all-night and wee-hour food-and-fun celebration with live music and watching the Times Square ball-drop on large-screen TVs.

Either way, the island's restaurant and resort chefs aim to make entry into 2012 a memorably delicious one.

Be sure to make advance reservations — and quickly, because space at some venues is nearly sold out.

The Breakers is offering three ways to ring in the New Year.

The resort's New Year's Eve Fantasy Ball, staged by Design Studio and with entertainment by the Zanadu performers and Powerhaus, begins at 7:30 p.m. with an open bar, raw bar and hors d'oeuvres stations, followed by a four-course dinner. After a midnight champagne toast with party favors, a breakfast buffet will be served. The affair is $350 a person for hotel guests and club members; $375 a person for non-hotel guests; and $250 a person for guests younger than 21.

The Breakers' Flagler Steakhouse, open 6 to 9:30 p.m. New Year's Eve, will serve — in addition to its regular menus — a three-course menu ($135 for adults, $55 for children 12 and younger). Guests who dine prior to 7 p.m. will receive a 20 percent discount.

The resort's Tapestry Bar will feature a 5 to 7 p.m. happy hour, followed by expanded service in the Florentine room, where the five-piece Elite Showband performs, 8 p.m. to 1 a.m. Other features: a midnight balloon drop and a large-screen TV showing the Times Square ball-drop. The bar will remain open until 2 a.m. with a limited appetizer/tapas-style menu.

Multi-course dinners

A six-course New Year's Eve tasting menu ($225 a person) is on tap at The Restaurant at the Four Seasons. Four courses highlight the seasons, such as razor clam with corn, crab and chorizo for summer, and seared yellowfin tuna with tender pea shoots and ginger-sweet-pea essence for spring. Other features of the eve include a midnight champagne toast and live music by Back in Time.

Also at the Four Seasons: The Ocean Bistro will serve a three-course dinner ($75 a person), including such selections as veal Milanese and crab cake "tater tots."

New Year's Eve at The Omphoy's Michelle Bernstein restaurant includes a 5:30 to 7:30 p.m. dinner seating ($90) with a four-course tasting menu and complimentary glass of champagne, and later seatings, 8:30 to 10 p.m., with a five-course tasting menu ($250 a person), a glass of Dom Perignon, party favors and a five-piece band for dancing.

At The Omphoy's MB Terrace: A $55 entry fee includes a complimentary cocktail and live musical entertainment all night.

The Ritz-Carlton's Temple Orange will offer an a la carte dinner menu and a children's dinner buffet ($25 ages 6-12; no charge children 5 and younger). For both adults and children, Flames of Fire desserts include s'mores and cupcakes Tic-Tac-Toe.

The Ritz's Angle will feature a five-course wine-paired dinner ($155 a person), enjoyed at the communal and lighted chef's onyx table and throughout the restaurant. Also on New Year's Eve at The Ritz: a kids' party (ages 5-12; $65 a person) with games, arts and crafts, relay races, music, prizes and a buffet-style dinner.

At The Colony, New Year's Eve is all about cabaret and a society gala.

In the hotel's Royal Room, Mary Wilson, co-founder of 1960s-sensation The Supremes, will headline a party that begins with a cocktail-and-hors d'oeuvres reception, followed by a four-course dinner, Wilson's cabaret show, after-show dancing to DJ music in the hotel's Polo restaurant, a midnight champagne toast and a poolside breakfast buffet. Cost: $350 a person.