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Macau Legend Plunges After CEO Arrested in Junket Clampdown

  • Company says ex-CEO Chan was detained by Macau’s police
  • Junkets are at the center of broader crackdown, legal overhaul
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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% on Monday, the biggest loss since 2015, after the company said Weng Lin Chan had been detained by police and resigned as CEO. Macau authorities said Sunday they had arrested two men, including a 49-year-old with the last name of Chan, on suspicion of illegal gambling activities and money laundering. Chan is Macau Legend’s biggest shareholder and is also chairman of Tak Chun Group, the city’s second largest junket operator.