Is Las Vegas Sands (NYSE: LVS) possibly running into challenges in Asia? After years of phenomenal growth not only through new casinos but also by increasing revenue at existing casinos, the company ran into a buzz saw this quarter.

Net revenue increased just 4.5% quarter over quarter to $2.11 billion and adjusted property EBITDA increased a measly 0.9% to $745.7 million. If it weren't for a huge increase in property EBITDA at Four Seasons Macau, results would have been even worse.

Not only did adjusted earnings per share of $0.37 fall below analysts' estimates of $0.44, but adjusted property EBITDA was down sequentially at Las Vegas Sands' four most profitable properties.

Property

Q4 2010 Property EBITDA

Q1 2011 Property EBITDA
Marina Bay Sands $305.8 million $284.5 million
Venetian Macau $235.6 million $228.4 million
Sands Macau $93.4 million $92.6 million
Las Vegas Properties $80.6 million $65.2 million

Bad luck played a role in both Singapore and Las Vegas, but that comes with the territory. Wynn Resorts (Nasdaq: WYNN) had some positive luck in the quarter, which is part of the game when you own a casino.

This is the second straight quarter shares have been hit hard by disappointing results. This time Singapore is in focus, as questions remain how that market will play out. Even if we level out EBITDA to account for bad luck, the property isn't displaying much growth quarter over quarter. So maybe it isn't fair to compare the market to fast-growing Macau.

MGM Resorts (NYSE: MGM) also reported results this morning that surprised slightly to the upside. The company still reported an $0.18 loss per share, but it was a penny better than estimates. Melco Crown (Nasdaq: MPEL) rounds out gaming earnings in a couple of weeks, so we'll have to wait to see if it was able to take share from competitors.

Time to rethink Las Vegas Sands?
Overall, I'm very disappointed in yesterday's news and think this news will bring up the question of whether Las Vegas Sands stock has overrun its true value again. Last time I put a value on the Singapore casino, I used a 12 times EBITDA multiple and still found the stock to be overvalued. We may have to revisit that now that Marina Bay Sands' slow growth doesn't appear to be worth that type of multiple.

What do you think about Las Vegas Sands' results? Let me know in the comments section below.

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