Macau casino shares tumble amid arrests, junket mogul detained

By Eduardo Baptista and Anne Marie Roantree HONG KONG, Nov 29 (Reuters) – Macau casino stocks slid on Monday, rattled by the arrests of 11 people over alleged links to cross-border gambling and money laundering, with the founder of the gaming hub’s biggest junket operator among those detained. Shares in MGM China plunged 10%, while Wynn Macau lost 7.8% and Sands China fell 5.3% as investors fretted about the near-term potential loss of business as well as the longer-term implications of the watershed hardline stance being taken towards the sector by authorities in Macau and mainland China. Alvin Chau, the founder of Suncity – a junket operator that brings in… Read More

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