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Macau Legend Development Limited (MALDF)

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0.06150.0000 (0.00%)
At close: 11:07AM EDT
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  • Reuters

    Macau Legend says CEO resigns after arrest, shares plummet to record low

    HONG KONG (Reuters) -Macau Legend,, which owns and operates a casino resort in Macau, said its chief executive resigned on Monday after he was arrested and detained by police in the world's biggest gambling hub, sending shares down 19% to a record low. CEO Chan Weng Lin's arrest https://www.reuters.com/world/china/police-arrest-macaus-no-2-junket-boss-crackdown-media-2022-01-30 comes as authorities have stepped up a crackdown on illicit capital outflows from the Chinese mainland, where all forms of gambling are illegal, and after the high-profile arrest of Suncity boss Alvin Chau https://www.reuters.com/world/asia-pacific/gambling-group-suncitys-shares-set-rise-61-after-arrested-chairman-resigns-2021-12-02 in November. Macau Legend said in a statement to the Hong Kong stock exchange that Chan resigned "to avoid distraction" to the company and for the interest of shareholders.