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: market, has seen its valuation cut in half. In the past year Wynn’s share price has fallen by two-thirds, and those of Galaxy Entertainment, MGM Mirage and Sands by around 90%.

Sands’ boss, Sheldon Adelson, has seen the value of his holdings fall by $34 billion. On November 10th Sands said that a long-planned expansion on Macau was being postponed indefinitely to preserve capital, having given warning on November 6th that it might default on its debt. Efforts are being made to raise capital, despite the forbidding environment. And in its struggles, Sands is hardly alone. Capital projects are being cut by every operator and, after years of desperately searching for labour, lay-offs have begun.

Some casino operators may have no alternative but to sell out to healthier rivals as part of a broad consolidation. In Hong Kong there are rumours that the Chinese government wants to force out the foreign operators and will relax the visa restrictions only as part of a reorganisation of ownership within Macau.

And yet, even in these grim times, there are some positive signs. Largely because of the Venetian, Macau has become a conference destination and the place where people in Hong Kong and southern China go to see rock concerts and sport. Transport links get better by the week. And the casinos have a strong customer base.

Any desire the Chinese authorities may have to crack down on the casinos must surely be tempered by the possibility that the industry will merely move elsewhere, with the most likely candidate being Singapore, where Sands is in the midst of completing a vast new gambling project that is already fully funded. There are pots to be made in gambling. Someone with the money and nerve to stay in the game is going to make a fortune.