(Bloomberg) -- Suncity Group Holdings Ltd. plunged by the most since 2008 as the stock resumed trading in Hong Kong following the news of Chief Executive Officer Alvin Chau’s arrest.
The 48% slump came as the world’s biggest junket operator said it expects business to be adversely affected if it loses the financial support from the CEO. Shares of other Macau casino operators also fell, extending losses from Monday.
Chau was detained on Nov. 26. Macau’s judiciary police said Sunday that he confessed to establishing overseas gambling platforms and carrying out illegal virtual betting activities. Junkets service high-rollers and extend credit to them.
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