It was just another ho-hum quarter for Las Vegas Sands (NYSE: LVS) in the second quarter. Just a record $2.35 billion in revenue and a 90.4% increase in adjusted property EBITDA, which went to $901.6 million. But isn't that exactly what we've come to expect from the gaming giant?

Even the penny loss the company reported a year ago has turned into a better-than-expected $0.45-per-share profit. It's no surprise that Asia is at the center of the current momentum, but it isn't Macau that's driving the improvement in results.

In Singapore we trust
Just over a year after it opened the Marina Bay Sands Resort, the Singapore casino now dominates the company's earnings. The property's $405.4 million in EBITDA was 45% of the entire company's EBITDA even after an impressive quarter in Macau. For the first full year of operations, Marina Bay Sands generated an impressive $1.24 billion in property EBITDA, and its trajectory is still impressive. If you adjust for some bad luck in the first quarter of this year, the EBITDA trend has headed steadily higher throughout the year.

What really separates Las Vegas Sands is the company's outstanding EBITDA margins at each of its properties. The Venetian Macau's EBITDA margin of 35.1% tops Wynn Resorts' (Nasdaq: WYNN) 32.2% in Macau and easily tops Melco Crown's (Nasdaq: MPEL) 17.2% margin at the neighboring City of Dreams. In Singapore, Las Vegas Sands is turning 55.0% of every dollar in revenue into property EBITDA. That performance simply can't be matched.

No signs of slowing down
When I said it was time to buy Las Vegas Sands a month ago, I pointed to not only the company's superior operations but also to another casino opening in Macau in 2012. With Wynn Resorts and MGM Resorts (NYSE: MGM) still years from opening new casinos in Macau, Las Vegas Sands will continue to dominate the Cotai Strip.

Las Vegas Sands is hitting on all cylinders, and there's simply no sign it is going to slow down.

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