POLICE probing the murky world of Hong Kong's casino ships face a high stakes industry where ownership is obscured behind a web of offshore companies.
Three local companies manage four ships, all registered with ''flags of convenience'' and all raising the ire of Macau casino king Stanley Ho.
The 25-year-old New Orient Princess, now ablaze beached off Junk Bay, has undergone four name changes on paper in the past 12 months.
Lloyd's Shipping Intelligence may list a Panamanian company, Gatmore Enterprises, as its final owners, but Post sources said the ship was controlled by a small group of local high-rolling punters turned investors.
The source, until recently a shareholder, said that to turn a profit the owners must attract big bets to compete with Mr Ho's established set-up in Macau.
''It's undisciplined and dangerous, not a good a trade to be in when the owners are playing your money as if they were on the other side of the table.