Police in the casino hub of Macau reportedly have arrested a top casino operator.
According to a report from the BBC, Macau Legend Development, operator of three casinios in Macau, confirmed that one of three arrested over the weekend for alleged money laundering and illegal gambling was its chief executive and controlling shareholder Chan Weng Lin.
In November, another casino executive in the city, Alvin Chau, was arrested by Chinese authorities. The casino operator responded in a note to the Hong Kong Stock Exchange as its stock plunged a reported 30%.
“The Board is of the view that as the Group is operated by a team of management personnel and the above incident relates to the personal affairs of Mr Chan and not related to the Group,” Macau Legend Development said in a statement to the Hong Kong Stock Exchange.
“The Board does not expect the above incident to have a material adverse impact on the daily operations of the Group,” it added.
Macau Legend Development runs the Landmark Macau, Babylon Casino, and Legend Palace Casino.
