Macau Legend plunges 30% after CEO arrested in junket clampdown
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[HONG KONG] Shares of Macau Legend Development fell by a record after the firm's chief executive officer (CEO) was arrested on money laundering charges, in further sign of clampdown in the world's largest gaming market.
The stock slumped as much as 30 per cent on Monday following the news. A Bloomberg Intelligence gauge of casino shares declined as much as 1.4 per cent, with Galaxy Entertainment Group and Wynn Macau each falling more than 2 per cent.
Macau Legend said in an earlier statement that CEO Weng Lin Chan has been detained by police. Chan is also chairman of the city's second-biggest junket operator Tak Chun Group. BLOOMBERG
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