Macau Casino Boss Arrested On Money Laundering & Illegal Gambling
The CEO of Macau casino operator Macau Legend Development has been arrested over alleged money laundering and illegal gambling according to local reports.
Chan Weng Lin is the majority shareholder and CEO of the operator that runs the Landmark Macau, Babylon Casino and Legend Palace Casino in Macau.
The arrest came on Sunday and it is believed there is a possible connection to Alvin Chau the Suncity boss who was arrested on the same charges in November. The Macau Legend company also runs junkets from Hong Kong and China into Macau.
Macau Legend Development said in statement shortly after the arrest: “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,” the statement went on to say, “The Board does not expect the above incident to have a material adverse impact on the daily operations of the Group.”
However shares in the company dropped by 30% in early trading on Monday following the arrest of its CEO.
