Five years ago, when all its competitors were betting on Macau, Harrah’s Entertainment decided to stay out of the race for a gambling license in the flourishing Chinese enclave.

Now, the casino operator lost its bid to build a new casino in Singapore and its chance to be part of the most dynamic gambling market.

"It's a concern", said Alberto Lopez, Harrah's spokesman. "It's an area of concentration. It's an area where we know that we need to move forward deftly, if you will." Meanwhile, Harrah’s competitors are making billions of dollars in profits.

For some experts, the game is almost over for the company. Analyst David Forst said that losing the bid puts Harrah’s at a disadvantage. "It is a hole in their portfolio and something that they are probably spending a lot of time in, analyzing how to get into both Macau and other places in the Far East."

Singapore is accepting bids for a second license; it could be the only remaining opening in Asia for a long time.