Las Vegas Sands (NYSE:LVS) reported second-quarter earnings after the market closed today and once again showed solid improvement in operations. Net revenue was up 11.8% to $3.62 billion, adjusted property EBITDA rose 18.6% to $1.31 billion, and adjusted earnings per share jumped 30.8% to $0.85.

Shares are trading lower after hours and one reason is likely that analysts were expecting $3.80 billion in revenue and earnings of $0.90 per share in the quarter. So, even market-leading growth may not have been enough to please investors.  

As usual, gaming numbers need to be put into context of the markets Las Vegas Sands serves, primarily Macau. Gaming overall grew just 5.5% from a year ago in the second quarter so Las Vegas Sands stands up very well by that comparison. The Venetian Macau grew revenue 15.4%, Sands Cotai Central was up 34.4%, but Four Seasons Macau revenue was down 16.6% on lower VIP play. Overall though, the results topped the market, which isn't surprising given the company's central position on Cotai, where gaming play is trending in Macau.  

Another concern investors are likely looking at is a 27.3% drop in VIP play and a 4.9% drop in mass market play at Marina Bay Sands in Singapore. Only good luck in both segments kept revenue and profits from falling there.

Overall, results were solid, if not spectacular, for Las Vegas Sands. Check back to tomorrow for a full rundown on the results and conference call with management.