How could punters of both the gambling and investing varieties resist? Sands China’s soon-to-open Cotai Central resort promises a “Pathway to adventure, fun and fortune”. Investors have already found fortune through Macao-based gambling stocks. There is little reason to think the fun will stop.

Gaming revenues in Macao grew by an annualised rate of one-fifth in February. That pales next to the two-fifths average of last year, or the three-fifths seen in 2010, but the breakneck pace was unsustainable. A slowdown – probably to about 30 per cent for the full year – should be welcomed, not least because it will give investors a chance to see just how successful the big operators will be at developing other revenue streams. “Resort” is the in-word now.

The contribution of casinos to revenues for Sands China, for example, slipped a couple of per cent last year. But at nearly nine tenths of the total, that is small change when overall revenues jumped 18 per cent. In the meantime, there is the cash: currently $2.5bn, or a quarter of total assets. The $600m dividend announced last month will take up less than half the increase in cash from the previous year.