Investor writes off stake in Hard Rock Park

Posted Wednesday, September 3, 2008 2:45 PM | Contributed by Jeff

Africa Israel Investments, an international conglomerate with holdings mostly in real estate, wrote off its $10 million investment in the Myrtle Beach theme park "due to liquidity difficulties the park is experiencing due to low attendance compared to its business plan," Chief Financial Officer Ron Fainaro said on a conference call Tuesday morning. The company attributed part of its $25 million net loss in the second quarter to the Hard Rock Park writeoff.

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