China’s Foreign Casino Crackdown Sends Shudder Through Industry
- Detentions are for gambling-related crime: Chinese ministry
- Incident sparks concern of clampdown on overseas marketing
Crown Plunges After China Detains 18 Employees
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Chinese authorities detained 18 employees of Crown Resorts Ltd., the highest-profile crackdown on a foreign casino operator in a year, raising fears anew that the government is tightening its scrutiny of companies that promote gambling abroad.
Crown, controlled by billionaire James Packer, fell by a record 14 percent in Sydney trading. About $1 billion in market value was wiped out on Monday, and gaming stocks across Asia also fell.