As befits the head of one of the world’s biggest casino operators, Sheldon Adelson likes a punt. Last year, the chief executive of Las Vegas Sands placed a multibillion- dollar treble on the future of Asian gaming. With two legs completed, the bet is looking good. But Mr Adelson may yet stumble before the finish line.

Las Vegas Sands spotted the potential of Asian gambling nearly a decade ago, when the former Portuguese territory of Macao, now a special administrative region of China, opened its centuries-old gaming market to foreign companies.

By 2008, Las Vegas Sands had two casino resorts operating in the territory – the only location in China where gaming is legal. But the company had loaded up on debt to pay for the building spree. When revenues collapsed during the global financial crisis it was briefly in danger of going bankrupt.