HK's Macau Legend tanks 30% to hit record low as CEO gets arrested

LET group

31/01/2022 02:15

** Shares of Macau Legend Development Ltd  1680.HK  drop
29.8% to HK$0.40, their lowest and biggest daily pct decline
since debut in July 2013 
    ** Stock of the gaming services provider, with market
capitalisation of HK$2.51 bln ($322 mln), top decliner on the
Hong Kong bourse
    ** Macau Legend said in an exchange filing on Sunday that
its chief executive and major shareholder Chan Weng Lin had been
arrested and detained by police  urn:newsml:reuters.com:*:nL1N2UA05B
    ** Says the board does not expect the incident to have a
material adverse impact on the daily operations
    ** Police in Macau, the world's biggest gambling hub, said
they had arrested two men for alleged illegal gambling and money
laundering, as authorities step up a crackdown on illicit
capital outflows from the Chinese mainland 
    ** Citi says reports of more junket-related arrests should
be a non-event, given investors' virtually zero expectations on
junket VIP 
    ** Shares of smaller rival Suncity  1383.HK  fall 5.4%
    ** Stock of MGM China  2282.HK , Sands China  1928.HK ,
Melco  0200.HK , SJM  0880.HK , Galaxy  0027.HK  and Wynn Macau
 1128.HK  fall between 0.8% and 2.6%
    ** The benchmark Hang Seng Index  .HSI  climbs 0.4%



($1 = 7.7954 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))