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Crown plunges after China detains high-roller chief, 17 others

Bloomberg Published on Mon, Oct 17, 2016 / 8:48 AM GMT+8

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(Oct 17): Crown Resorts, the Australian casino company controlled by billionaire James Packer, plunged after Chinese authorities detained 18 of its employees including the head of its international high-roller operations.

The stock fell as much as 9.8% in Sydney to A$11.68 ($12.35), headed for its biggest one-day decline in almost eight years.

Jason O’Connor, head of Crown’s VIP International team, is among those being questioned, the Melbourne-based company said in an e-mailed statement. Crown hasn’t been able to speak with the staff and is working with Australia’s foreign ministry to make contact with the group, it said.