Page 2 - Macau Legend Development News Today

Authorities in the Chinese territory are stepping up a crackdown on illicit capital outflows from mainland China.

HONG KONG — Police in Macau, the world's biggest gambling hub, said on Sunday (Jan 30) 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. "One of the men involved was responsible for operating an illegal gambling syndicate while the other offered assistance,"...

The head of Macau's second-largest junket group has been arrested by the city's police as authorities tighten the leash on the gambling hub's industry.

Macau Legend Development's share price plunged by as much as 30% in Hong Kong on Monday.

Chinese territory has seen increased scrutiny from the mainland, with a step up in crackdowns and tighter regulations for the gaming sector

Casino resort owner Macau Legend Development says its CEO Chan Weng Lin had been arrested. Chan is also chairman of Tak Chun Group, Macau's second biggest junket operator.

Chan Weng Lin, also known as Levo Chan, has become the CEO of Macau Legend in addition to his role as co-chair of the board, replacing Melinda Chan in the executive post. Levo Chan, also chief executive of the junket-related Tak Chun Group, became the largest shareholder in Macau Legend Development in September after the company’s founder, David Chow, and others sold down their shares. At present, Chan owns about a third of the company’s shares. According to the company statement: “Chan...

Gambling year in review 2020: Asia and Australia Gambling year in review 2020: Asia and Australia By Asia’s gambling markets – both land-based and online – took major hits in 2020; land-based casinos at the hands of COVID-19 and online casinos at the hands of meddling governments.  Due to its proximity to China, Macau was the first market to demonstrate both the horrors the pandemic would inflict on casino markets as well as the enormous lengths casinos would have to go to ensure custom...