Although COVID-restricted visitation plagued Las Vegas Sands (LVS 0.41%) last year and last quarter, the integrated resorts developer and operator remains undeterred -- and the future looks bright.

Let's take a look at Las Vegas Sands' fourth-quarter and full-year 2022 results and how the company is embracing the future to determine whether this casino stock is a buy.

Record gaming and retail revenue at Marina Bay Sands

Q4 net revenue reached $1.12 billion, an 11% increase year over year, thanks to gains in room, food and beverage, and convention sales. For the year, net income attributable to Las Vegas Sands hit $1.83 billion, though largely because of a $3.6 billion payment from the sale of its Las Vegas properties and operations.

While still headquartered in Las Vegas, Sands now operates entirely in Asia, one of the world's biggest gaming markets. With five resorts in Macao and one in Singapore, Las Vegas Sands shareholders gain pure-play exposure to the Asian gaming market by investing in an American company.

Sands' Singapore resort, Marina Bay Sands, performed particularly well last quarter. According to Chief Operating Officer Patrick Dumont, a "pent-up demand story in Singapore" has now "blossomed into full-on bonanza." With every segment working at Marina Bay Sands, the resort delivered record-high levels of mass gaming and retail revenue.

During the Q4 earnings call, CEO Rob Goldstein described Marina Bay Sands as "a very unique product that's unrivaled in that part of the world," elaborating on the resilient demand the resort has enjoyed regardless of price hikes.

As for Macao, Las Vegas Sands received a new gaming concession last quarter, empowering the company to further invest in the region. In Sands' Q4 press release, Goldstein expressed being "deeply confident in the future of Macao," describing it as a major hub for business and leisure tourism.

Travel restrictions impacted visitation in 2022

While revenue grew 11% last quarter, operating costs skyrocketed. For a business based primarily in a region with heightened COVID restrictions, both last quarter and last year proved challenging.

Las Vegas Sands' fourth-quarter operating loss grew 20% versus the prior year, and net loss attributable to the company rose 37% to $169 million. Sands also endured a 15% year-over-year increase in operating losses in 2022.

While cost issues -- like the effect of inflation on energy and labor expenses -- remain in the Asian market, Dumont claims Las Vegas Sands will overcome these challenges with flexible pricing and margin expansion. As he put it, "we have resiliency in the face of inflation."

A strong recovery expected

During the Q4 earnings call last month, Goldstein affirmed, "Macao's future is bright" and called it "the largest integrated resort market globally."

Prior to Jan. 8, Macao required COVID testing documents for inbound visitors from mainland China, Hong Kong, and Taiwan. Since restrictions were lifted, Macao observed an 83% year-over-year increase in January gambling revenue -- drawing nearly half a million visitors during the Lunar New Year holiday.

While Las Vegas Sands hasn't provided any hard numbers for guidance, Goldstein said he is "confident in a robust recovery" across all of Las Vegas Sands' markets in 2023 and beyond. As travel restrictions are further relaxed and guests feel more comfortable traveling again, he believes the company is well positioned to grow and expand into new markets.

Regarding the Marina Bay Sands resort in Singapore, Goldstein described the company as being in a "very fortunate position." He went on to say that Marina Bay Sands would become a $2 billion-a-year business someday. The resort earned $732 million in adjusted property earnings before interest, taxes, depreciation, and amortization (EBITDA) last year.

Is Las Vegas Sands stock a buy?

Having recovered 70% from its October 2022 lows, Las Vegas Sands stock still trades more than 23% down from its pre-pandemic January 2020 highs. Is it time to buy? Will the stock push to new heights?

Before initiating a position in Las Vegas Sands stock, I would wait for the company to post more robust profits. While Sands came out ahead last year, it was solely because of proceeds from the sale of its Las Vegas property portfolio.

Prospective investors should watch for steady revenue and margin growth in future quarters, beginning with the Marina Bay Sands resort. By the time Macao catches up, Las Vegas Sands stock could see some serious upside.