Singapore is currently the opposite of Macau. Mass play at both tables and slots are down, but VIP play was up from a year ago. EBITDA has swung wildly at the resort since it opened, but it appears to be settling in far lower than the $472.5 million max we saw in the first quarter of last year.

Las Vegas struggles In Las Vegas there's really no way to sugarcoat it -- the numbers were terrible. Net revenue was down 9.2% to $308.3 million, EBITDA fell 34.7% to $52.8 million, and table game drop, slot handle, and occupancy were all down.

As we look forward to results from MGM Resorts and Caesars Entertainment Corp (NASDAQ:CZR), in particular, this is not great news for these Las Vegas-centric companies.

The future for Las Vegas Sands Corp. (NYSE:LVS) The Macau mass market and Cotai in particular are doing very well for Las Vegas Sands, and I expect that to continue going forward. Last quarter's results were strong, and considering the growth in market share, the company is outperforming Macau rivals right now.

The next step for the company is building The Parisian, which will open in 2015 (or more likely 2016) with new resorts from Wynn, MGM, and SJM. This will further expand the draw of Cotai and create a critical mass of the company's casinos in a small area. The company is also looking into other areas of growth including Japan, Vietnam, and Europe, but nothing is set in stone right now.

I still think the stock is too expensive to be a buyer right now. The stock trades at 11.5 times trailing EBITDA, a steep price for gaming companies considering the slowing growth of Macau. If the stock comes down some, I would consider buying, but for now I'll stay on the sidelines.

The article Asia Drives Las Vegas Sands' Growth originally appeared on Fool.com and is written by Travis Hoium.

Fool contributor Travis Hoium manages an account that owns shares of Wynn Resorts, Limited. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw. The Motley Fool has no position in any of the stocks mentioned.

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