Macau Legend Development Ltd tumbled to the lowest on record after its former chief executive officer was arrested as a crackdown on junkets sweeps through the world’s biggest gaming hub.
Shares slumped 19 per cent on Monday, the biggest loss since 2015, after the company said Chan Weng Lin had been detained by police and had resigned as CEO. The Macau authorities said Sunday they had arrested two men, including a 49-year-old with the surname Chan, on suspicion of illegal gambling activities and money laundering. Chan is Macau Legend’s biggest shareholder and also chairman of Tak Chun Group, the city’s second largest junket operator.
A broader Bloomberg Intelligence gauge of casino shares fell 0.3 per cent, with Galaxy Entertainment Group Ltd falling more than 2 per cent. The authorities have arrested 15 people since a campaign against illegal online gambling began in November, including Alvin Chau, founder of Macau’s biggest junket operator Suncity Group.
