HONG KONG—Casino stocks fell and share trading of junket operator Suncity Group Holdings Ltd. was suspended Monday morning after its chairman was held by police over allegations of illegal gambling and money laundering.

Alvin Chau, chairman and a controlling shareholder of Macau’s largest junket operator, was among 11 people held for questioning in Macau on Saturday after mainland police issued a warrant for his arrest last week. Mr. Chau and others organized a cross-border gambling syndicate with operations in mainland China, the Philippines and elsewhere, police in the eastern city of Wenzhou said.

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