China's crackdown on capital outflows may have one unexpected casualty: Australia's casinos.
For the gambling operators, Beijing's move to tighten foreign currency transactions and put an end to the use of underground banks will probably deter the high-stakes players coveted by the industry. 
The new government measures combined with a campaign against corruption have already pushed lucrative VIP gamblers away from Macau, the only Chinese jurisdiction where gambling is legal.
Junket operators, who lend money to high-rollers, largely rely on China's underground banking system to work their way around China's capital control rules.
But with far greater scrutiny on Macau, many have looked further afield and Australia is attractive.
Australian casino companies, including James Packer's Crown Resorts and The Star Entertainment Group, have prospered, but with Chinese nationals finding it tough to get large quantities of money out of the country, it may not be the bounty many initially expected.
"There has been this idea that a good chunk of the lost VIP revenue from Macau would simply find a new home in places like Australia," said an industry source. "But if China wants to stem the flow of money, it's not just Macau that is on the block."
CLSA gaming analyst Aaron Fischer struck a note of realism this week. He argued that China's crackdown meant VIP growth for Crown and The Star will rise by just 2 per cent in the 2016 financial.
"There are reasons to remain wary of going forward, including Chinese capital controls, which may restrict the ability of players and VIP junkets to source funds for gambling in Australian casinos," said Mr Fischer.
In his eyes, Australian casinos will only grab a small slice of Macau's lost VIP market share.
Despite the concerns surrounding China's move to restrict cash outflows, a bullish trading update this week from a New Zealand rival to Crown and The Star suggests there may be a time lag before the impact fully hits.
Skycity Entertainment Group said high rollers will likely push its international turnover up by 50 per cent for the first half of 2016 to just above $7 billion.
Morgan Stanley said that was evidence that both Australia and New Zealand are winning global VIP market share.
The broker tipped an 18 per cent rise in Crown's VIP turnover growth for the first half of 2016 and a more modest 5 per cent increase for The Star over the same period.
While Crown is feeling the impact of the slowdown in Macau via its 34 per cent stake in the Melco Crown joint venture, it is winning some of that share back in its Melbourne and Perth casinos.