A month has gone by since the last earnings report for Las Vegas Sands (LVS). Shares have lost about 1.3% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Las Vegas Sands due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Las Vegas Sands Q3 Earnings & Revenues Lag EstimatesLas Vegas Sands reported third-quarter 2019 results, wherein both earnings and revenues missed the respective Zacks Consensus Estimate for the second straight quarter. Moreover, both the metrics also declined year over year.Adjusted earnings came in at 75 cents per share, which missed the Zacks Consensus Estimate by a penny and declined 2.6% year over year. The bottom line was impacted by higher interest expenses. In the reported quarter, interest expense, net of amounts capitalized, improved to 7 million compared with 6 million in the year-ago quarter.Net revenues totaled ,250 million, which lagged the consensus mark of ,314 million and declined 2.6% on a year-over-year basis. The top line was negatively impacted by decline in casino, and convention, retail and other revenues.Asian OperationsLas Vegas Sands’ Asia business includes the following resorts:The Venetian MacaoNet revenues declined 0.7% year over year to 1 million. Casino and rooms revenues came in at 9 and million, respectively, flat year over year. However, food and beverage, and convention, retail and other revenues declined 19% and 24.1% year over year to million and million, respectively. Mall revenues improved 8.3% year over year to million.Adjusted property EBITDA were down 0.6% year over year to 2 million in the quarter under review.While non-rolling chip drop improved 7.6%, rolling chip volume declined 20.6%.Sands Cotai CentralNet revenues decreased 9.3% year over year to 7 million owing to a 10.3% decline in casino revenues, 4.7% fall in rooms revenues and 4% decrease in food and beverage. Moreover, mall revenues remained flat year over year, while convention, retail and other revenues declined 50%.Adjusted property EBITDA was 9 million, down 10.1% year over year.Both non-rolling chip drop and rolling chip volume declined 2.5% and 56.8%, respectively.The Parisian MacaoRevenues amounted to 1 million, reflecting year-over-year decrease of 2.1%. The downside can primarily be attributed to a decline of 2.8% in casino revenues. However, rooms and food and beverage revenues were up 10% and 5.9%, respectively.Adjusted property EBITDA decreased 1.6% year over year to million.Non-rolling chip drop improved 7.3%, while rolling chip volume declined 24.8%.The Plaza Macao and Four Seasons Hotel MacaoNet revenues jumped 17.4% to 6 million on a 25.9% and 16.7% improvement in casino, and food and beverage revenues, respectively. However, revenues from mall declined 6.1% year over year. Casino revenues were flat in the reported quarter.Adjusted property EBITDA jumped 41.5% to million.Rolling chip volume decreased 35.2% while non-rolling chip drop advanced 23.4%.Sands MacaoRevenues were up 6.9% year over year to 1 million on account of an 8.9% increase in casino revenues.Adjusted property EBITDA rose 26.8% to million.While rolling chip volume declined 39.2%, non-rolling chip drop improved 6.6%.Marina Bay Sands, SingaporeNet revenues rose 3.5% year over year to 3 million due to an impropvement of 3.9% in casino revenues. Meanwhile, convention, retail and other revenues declined 22.6%. Mall revenues were up 4.5% year over year.Adjusted property EBITDA of 5 million in the third quarter increased 3.8%.While non-rolling chip drop rose 4.6%, rolling chip volume improved 2.4%.Domestic OperationsLas VegasNet revenues from Las Vegas operations, which comprise The Venetian Las Vegas and The Palazzo including the Sands Expo and Convention Center, increased 7.1% to 6 million on an 17% and 10% rise in casino, and food and beverage revenues, respectively. Rooms revenues also increased 4.3%. However, convention, retail and other revenues remained flat year over year.Adjusted property EBITDA in the reported quarter totaled million, surging 22.4% on a year-over-year basis.Table games drop were down 6.7%, while slot handle advanced 6.8%.Operating ResultsOn a consolidated basis, adjusted property EBITDA came in at .28 billion in the third quarter, flat year over year. Las Vegas operating properties, Sands Macao and The Plaza Macao and Four Seasons Hotel Macao adjusted EBITDA improved in the quarter, while The Venetian Macao and The Parisian Macao witnessed decline in adjusted EBITDA.Balance SheetAs of Sep 30, 2019, unrestricted cash balances amounted to .82 billion. Total debt outstanding (excluding finance leases) amounted to .93 billion.In the reported quarter, capital expenditures totaled 3 million. This was primarily due to construction, development and maintenance activities of 3 million in Macao, million at Marina Bay Sands and million in Las Vegas.Quarterly dividend paid by the company was 77 cents per share, while it repurchased million of its common stock.How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended downward during the past month.VGM ScoresAt this time, Las Vegas Sands has an average Growth Score of C, however its Momentum Score is doing a bit better with a B. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions has been net zero. Notably, Las Vegas Sands has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Las Vegas Sands Corp. (LVS): Free Stock Analysis Report To read this article on Zacks.com click here.