World's biggest junket operator Alvin Chau held, Macau casino stocks sink

The detention Chau marks the first time such a high-profile figure in the gaming industry has been targeted

Macau’s casino industry is under scrutiny again with the arrest of the head of the world’s biggest junket operator.

The detention of Suncity Group Holdings Ltd. CEO Alvin Chau marks the first time such a high-profile figure in the gaming industry has been targeted. Macau’s judiciary police said Sunday that Chau confessed to establishing overseas gambling platforms and carrying out illegal virtual betting activities. Junkets service high-rollers and extend credit to them. 

The news sent shares of casino operators tumbling. MGM China Holdings Ltd. sank 10%, while Wynn Macau Ltd. closed 7.8% lower. Sands China Ltd. and Galaxy Entertainment Group Ltd. lost