The odds suddenly look a lot better for casino operators who took a punt on Macao, the world’s biggest gambling den. On Tuesday the government unveiled plans to extend a moratorium on new casino licences and stop doling out land for gaming developments.

The move delighted investors in US gaming companies: shares in Las Vegas Sands surged 9 per cent on Tuesday, while Wynn Resorts jumped 7 per cent. The new rules play right into the hands of existing operators. Although they are technically subject to the new restrictions it is unclear how much will be grandfathered: expansion under discussion is unlikely to be halted. But newcomers, including hopefuls such as Sir Richard Branson, will not make it over the starting line. That leaves a lot of growth for a small club of players. Macao, the only part of China where gambling is legal, chalked up a 62 per cent rise in revenues to $3.7bn in the first quarter on a year-on-year basis.