The chips are not so much down as falling off the table. Singapore’s gamble to transform itself into a ritzy entertainment city initially attracted a dozen bids. Following yesterday’s withdrawal of a joint bid by Australia’s Publishing & Broadcasting and Macanese casino giant Melco International, the list is down to four.

Realistically, many should never have been on the list. Singapore, which wants to hang on to its squeaky-clean image, is an exacting host. Operators must have deep pockets to fund a planned $3bn casino resort and be free from sleaze – no mean feat in the gambling world. They require large scale and expertise with the high-end clientele the city aims to attract. This last requirement would appear to rule out some of the US and Australian mass-market gambling companies, such as Tabcorp Holdings, which withdrew last month.