Macao Junket Dragnet Catches Another Big Fish

Police in Macao, the world’s largest gambling hub, arrested the city’s No. 2 junket boss amid a sweeping crackdown on the murky business that once played a vital role for the city’s casinos.

Weng Lin Chan, chief executive officer and controlling shareholder of casino operator Macau Legend Development Ltd., was arrested by police, Legend confirmed Sunday. Chan agreed to resign, and the company said it didn’t expect the incident to have a material adverse impact on daily operations, according to a separate statement Monday. Legend’s Hong Kong-traded shares slumped 19% Monday, the biggest loss since 2015.