Las Vegas Sands
Q3 2022 Earnings Call
Oct 19, 2022, 4:30 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, ladies and gentlemen, and welcome to the Sands' third quarter 2022 earnings conference call. [Operator instructions] It is now my pleasure to turn the floor over to Mr. Daniel Briggs, senior vice president of investor relations at Sands. Sir, the floor is yours.
Daniel Briggs -- Senior Vice President, Investor Relations
Thanks, Paul. Joining the call today are Rob Goldstein, our chairman and CEO; Patrick Dumont, our president and COO; Dr. Wilfred Wong, president of Sands China; and Grant Chum, EVP of Asia operations and COO of Sands China. Today's conference call will contain forward-looking statements that we are making under the safe harbor provision of federal securities laws.
The company's actual results could differ materially from the results reflected in those forward-looking statements. In addition, we will discuss non-GAAP measures. A definition and a reconciliation to the most comparable GAAP financial measures are included in the press release. We have also posted an earnings presentation on our investor relations website.
We may refer to the presentation during the Q&A portion of the call. [Operator instructions] Please note that this presentation is being recorded. I'll now turn the call over to Rob.
Rob Goldstein -- Chairman and Chief Executive Officer
Thank you, Dan, and thank you for joining our call today. A few brief comments and we'll move to Q&A. The recovery of Marina Bay Sands continued during the quarter with property EBITDA reaching $343 million. Relaxation of virus-related restrictions in Singapore and many of the source markets, coupled with the improvements in airlift have enabled this performance and financial -- this improvement in financial performance.
We expect a robust recovery over time as further relaxation measures in the region are implemented and additional airlift in Singapore comes online. Our $1 billion capital investment program currently underway at Marina Bay Sands has introduced exceptional new suite product in premium segment focused amenities of the resort. The response to these initial offerings has been strong. Additional offerings, including spacious new suite products, will be introduced throughout the remainder of this year in 2023.
We look forward to substantially increasing our investment in the Singapore market as we execute our expansion plans at MBS in the years ahead. Turning to Macau, the operating environment remains difficult. Importantly though, in areas where restrictions have been relaxed, customer demand and spending in Macau have proven resilient at the premium mass level from both gaming and retail perspective. We appreciate the opportunity to submit our tender proposal for one of the six gaming concessions in Macau in September.