Las Vegas Sands' 4Q results miss Wall Street expectations

Shares, up 45% over the past 12 months, fell 3.6% to $54.60 in after-hours trading as results missed Wall Street targets.

Macau, considered the world's gambling capital, accounts for the bulk of Las Vegas Sands' business--and its falling fortunes last year.

A corruption crackdown and weakening economy on the mainland cut into business in the semiautonomous city, the only place in China where casinos are legal. Gambling revenue fell for 26 consecutive months before starting to rebound over the last five months of 2016, according to government figures, although low-stakes "mass gamblers" now account for a larger portion of gamblers.

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Las Vegas Sands' Cotai Strip properties in Macao, for example, saw a 16% expansion in the mass gaming segment in the most recent period, according to Mr. Adelson, leading to the company's strongest growth in the segment since the second quarter of 2014

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Over all, fourth-quarter profit rose 9% to $509 million, or 64 cents a share. Excluding certain items, profit was roughly flat from the year earlier at 62 cents a share.

Revenue, excluding promotional allowances, rose 7% to $3.08 billion.

Analysts surveyed by Thomson Reuters had projected adjusted profit of 66 cents on $3.11 billion in revenue.

For the year, profit fell 15% to $1.67 billion while revenue fell 2% to $11.41 billion.

Following the quarter's end, the casino operator reached a settlement agreement with the Justice Department under which it paid $6.96 million and entered into a nonprosecution agreement to resolve a criminal matter over improper financial dealings in China. Last year, Las Vegas Sands paid $9 million and hired an independent monitor to resolve a related civil matter with the Securities and Exchange Commission.