Macau casino stocks tumble after junket boss arrest


Key Topics in this News Article:

News Snapshot:

Macau -- which boasts a casino industry bigger than Las Vegas -- had been working to diversify beyond gambling amid a corruption crackdown on the mainland - Copyright AFP/File Anthony WALLACE Shares in Macau casino operators plunged Monday morning after police said the head of the gambling enclave’s largest junket operator had confessed to running illegal betting activities overseas. Alvin Chau, head of Suncity Group, was taken in for questioning over the weekend after mainland authorities announced they had issued a warrant for his arrest. Macau police said their investigation was separate from the mainland’s and was the culmination of...