Investors weren't gambling on Las Vegas Sands  (LVS - Get Report) stock, pushing it down 6.6% to $52.89 Thursday morning after the gaming company missed fourth-quarter revenue and earnings expectations. 

Even its Macau business failed to live up to expectations. 

The company reported adjusted fourth-quarter earnings of 62 cents a share, 4 cents off the consensus estimate. Revenue of $3.08 billion fell short of Wall Street's $3.12 billion expectations. 

More than 60% of Las Vegas Sands revenue comes from Macau after the company invested $13 billion in the region. But there were signs of cannibalization among the company's five properties in China following the recent opening of the Parisian in September. 

The company reported earnings before interest, taxes, depreciation and amortization of $610 million in Macau, short of analysts' $646 million consensus. 

"We expect near-term stock weakness as investors digest lower than anticipated Macau market share results suggesting cannibalization to its existing portfolio from new property openings, including from its own Parisian, as well as higher than expected expenses, most notably promotions," Aegis Capital analyst David Bain wrote in a note Thursday. 

The results provided an auspicious start for the gaming industry's earnings season. As for other gaming stocks with Macau exposure, Melco Crown Entertainment (MPEL)  was down 0.25% and MGM Resorts Int'l  (MGM - Get Report) was down 0.6%. Wynn Resorts (WYNN - Get Report)  stock was up 1%. Wynn reports fourth-quarter results after Thursday's market close.

However, after five consecutive months of year over year revenue gains in Macau, Bain remains bullish on Sands, although they lowered the company's price target to $59 from $60. 

"We believe visitation checks/trends, upcoming company specific infrastructure (bridge between Cotai Central and Parisian properties) as well as Island infrastructure and policies geared at increasing visitation continue to position LVS as being best to capitalize on short-term recovery trends and best fit the longer-term Macau bull thesis," Bain wrote. 

Sands' Las Vegas operations performed better than expected, reporting revenue of $412 million, ahead of the $397 million analysts expected and the $400 million it generated in the year ago period.