Las Vegas Sands (LVS) recently reported a strong fourth quarter, with revenue increasing 26% from a year earlier. Consolidated full-year revenue rose 37% to $9.4 billion.

The casino operator's Macau and Singapore properties were major contributors to this impressive revenue growth. The company also reported a 58% increase in earnings before interest, taxes, depreciation and amortization for 2011, driven by higher margin table and slots businesses.

LVS competes with Wynn Resorts (WYNN), MGM Resorts International (MGM), Caesars Entertainment (CZR) and Genting Singapore.

We have adjusted our estimates for LVS higher in accordance with the 2011 numbers. The revenue from convention, retail and other divisions were higher than we expected. We have updated our numbers to incorporate these changes and revised our price estimate for Las Vegas Sands to $57, implying a premium to the current market price.

See our full analysis for LVS

The jewels: Macau and Singapore

Las Vegas Sands has significant presence in Macau, operating the Venetian Macao, the Sands Macao and the Four Seasons Hotel. According to chairman Sheldon Adelson, the company's gross gaming market share in Macau grew to 19% in January from 15% a year earlier.

In April, LVS plans to open the first phase of Sands Cotai Central, located at a prime Macao location directly across from The Venetian Macao and the Four Seasons Hotel Macao. At completion, it is expected to have 6,400 rooms.

Las Vegas Sands and Genting Singapore have a duopoly in the casino industry in Singapore. LVS' Singapore property has seen record growth since its inception in April 2010. It reported $2.9 billion in revenues in 2011, a 131% increase, and continues to be a strategic growth driver for the company.

Exploring new opportunities in Asia

In the earnings conference call, Adelson asserted that LVS is exploring opportunities in Japan, Korea, Taiwan and Vietnam. We are optimistic about the company's expansion plans within the U.S. and internationally. Under Adelson's leadership, LVS would make a strong strategic move to diversify operations further.