Shares of Macau Legend , which owns and operates a casino resort in Macau, fell more than 20% to an all-time low on Monday after its chief executive was arrested and detained by police in the world's largest gambling hub.
Macau Legend reported Chan had been arrested in a statement to the Hong Kong stock exchange on Sunday, adding it did not expect any adverse impact from this on its daily operations.Chan owns around a third of Macau Legend, which runs three casinos under a service agreement with SJM Holdings
Tak Chun did not immediately respond to a request for comment. Reuters was unable to reach Chan separately. "We believe the investor base has become well aware that VIP is no longer the segment that matters," George Choi, an analyst at Citibank in Hong Kong said in a note on Monday. Now nearly non-existent, the opaque VIP industry made up more than two-thirds of Macau's gambling revenue until just a few years ago.
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