Trouble in Taiwan weighs on Melco Crown

|About: Melco Resorts & Entertain... (MLCO)|By:, SA News Editor

The Taipei District Prosecutors Office indictment against Melco Crown (NASDAQ:MPEL) accuses the company of funneling hundreds of millions of dollars between its properties in Macau and Taiwan on behalf of high-rollers against local regulations, according to the Sydney Morning Herald.

Four present or former Melco Crown employees have been charged.

The big picture: Crackdown on money transfers in China could pressure growth in the VIP segment as junkets become harder to finance.

MPEL -1.7% premarket after falling 7.2% late last week.