Las Vegas Sands (NYSE:LVS) reported strong fourth-quarter results this afternoon, but after the stock's strong run recently, investors weren't all that impressed with what they saw. Revenue was up 18.8% to $3.66 billion, and net income jumped 32.8% to $577.5 million, or $0.72 per share, on an adjusted basis. But analysts were expecting $3.71 billion in revenue and $0.84 per share in earnings, and shares are trading about 2% lower after hours.
Revenue in Macau was up 28% to $2.53 billion, but when compared with 24% growth for the region overall, it's a little disappointing to see the company not take more share. Sands Cotai Central added to the company's exposure to Cotai, but gains there and at The Venetian Macau were offset by a 29.5% decline in gaming revenue at Four Seasons Macau and just 4.2% growth at the company's oldest Macau casino Sands Macau.
Singapore was where the truly terrible numbers were, with revenue down 8.9% to $659.8 million and EBITDA down 14.4% from a year ago to $258.8 million. Some of the losses can be attributed to bad luck, but VIP play was down 16.6%, and as I pointed out recently, the run of bad luck at Marina Bay Sands has gone on unusually long.
While results were below expectations and there are warts to point out, let's keep in mind that revenue did jump nearly 19% and the company still has prime locations in both Macau and Singapore. If investors sell off too far, the company's shares could become a far better value, which would be nice in an industry where values are hard to find.