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Morocco's king among investors in troubled Macau firm: report

Morocco's king among investors in troubled Macau firm: report

Morocco's King Mohammed VI is among a number of investors embroiled in a bitter financial restructuring of a loss-making Macau casino and hotel firm, a report said yesterday.
The king is one of about 20 wealthy people who were sold a US$400 million stake in Macau Legend, the South China Morning Post cited sources as saying.
The investors, who bought the stake from investment bank Merrill Lynch in 2006, anticipated a quick profit from a listing of the Fisherman's Wharf theme park on the Hong Kong stock exchange earlier this year, the report said. But the listing never happened.
The list of those who lost out also includes David Ross, co-founder of Carphone Warehouse, Britain's largest mobile phone retailer, and a group of hedge funds.
The Wharf, a tourist attraction next to the Macau ferry terminal with its signature giant man-made volcano, was owned jointly by Macau Legend and the city's gaming tycoon Stanley Ho. But it has been losing money since it opened in 2005, sources told the Post.