Shipping industry newspaper TradeWinds reported on Friday that Ho had bought the Radisson Diamond cruise liner from a group of Finnish banks. The newspaper said the ship would arrive in the SAR in six months.

``Its luxurious fittings will give it a significant edge over the often elderly vessels that are used in this highly competitive, but immensely lucrative, market,'' the report said.

The Diamond, which can carry 350 passengers, was built in 1992. The eight ships now competing for overnight gaming cruise customers here are as much as 40 years old.

Hong Kong's overnight gaming cruise industry has boomed in recent years.

According to Immigration Department data, 891,048 SAR residents and 65,865 mainland passport holders sailed off on such cruises last year.

Two liner owners turned to the stock market to raise capital for the battle last week. China United International Holdings said it would invest HK$17.5 million to buy a 28 per cent interest in Wide Asia Shipping and arrange a HK$40 million loan for the company.

Wide Asia recently bought an 18-year-old ship from a Ukrainian company for US$5.9 million (HK$46 million). It will take the place of the Neptune as its lease is expiring.

Ho holds a small stake in China United's second-biggest shareholder. China United's shares were suspended from trading on Friday.

Emperor (China Concept) Investments announced its controlling shareholder Albert Yeung would inject the Golden Princess liner into the company in exchange for US$17 million in stock.

The 37-year-old ship can carry 570 passengers.

zach.coleman@globalchina.com