Chairman of Casino Firm Missing Since Thursday, Stock Crashes 50%

Chairman of Casino Firm Missing Since Thursday, Stock Crashes 50%

Gambling

Chairman of Casino Firm Missing Since Thursday, Stock Crashes 50%

Landing International Development’s chairmanYang Zhihui has gone missing since Thursday, causing its shares to plummet. Landing, which owns one of South Korea’s largest casinos, has seen this crisis wipe out over 50% of the company’s market value. CNN notes:

The company said in a filing with the Hong Kong stock exchange that they are attempting to reach Mr. Yang, and that the Board currently does not expect that the temporarily absence of Mr. Yang would have any material adverse impact on the daily business operations and financial positions of the Group.

Landing’s stock price as a whole has been plunging all month, because its plans to open a second casino in the Philippines came under attack from the Manila government. That project was estimated to be worth $1.5 billion dollars.

The Reuters Business Twitter account tweeted tonight that the stock is down 8% more after the company remains unable to locate its chairman after the weekend has passed.

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