Daniel BriggsThank you, Pia, and thank you, all, for joining us. Before I turn the call over to Mr. Adelson, let me remind you that today's conference call will contain forward-looking statements that we are making under the Safe Harbor provisions of Federal Securities laws. The company's actual results could differ materially from the anticipated results in these forward-looking statements. Please see today's press release under the caption Forward-Looking Statements for a discussion of risks that may affect our results. In addition, we may discuss adjusted net income, adjusted diluted EPS and adjusted property EBITDA, which are non-GAAP measures. A definition and a reconciliation of each of these measures to the most comparable GAAP financial measures are included in the press release. Please note that this presentation is being recorded. With that, let me please introduce our Chairman, Mr. Sheldon G. Adelson. Sheldon Gary Adelson Thank you, Dan. Good afternoon, everyone. Thank you, all, for joining us today, and I would like to again thank those of you who were able to either personally attend our Investor Conference in New York on September 21 or joined us via the webcast. We sincerely appreciate your continued interest in our company. As you probably remember, one of the key things of our Investor Conference was centered on the predictability and reliability of our operating results. I describe "predictable" as something that follows trends and that those trends give you a road map for where you are likely to go in the future. In our case, the fact that the trends have occurred for so many quarters in a row, it makes them reliable. I also noted that as the scale of our business has increased, the predictability and reliability of our revenue and cash flow growth has also meaningfully increased. If our thesis regarding the predictability and reliability of our business needs any further validation for the third quarter of 2011, please step forward.
The company record $924 million of EBITDA during the quarter compared to $645 million in the same quarter one year ago. Our growth curve has continued unabated. We have now reached 9 consecutive quarters in which our EBITDA has increased. While we are on the topic of EBITDA, let me also point out that based upon the results of this quarter, we now have 2 integrated resorts, each producing run rate EBITDA of more than $1 billion, or in the case of Marina Bay Sands, it is producing actual EBITDA substantially in excess of that.I would like to congratulate our management team and all of the team members who helped us become the first company in our industry to ever reach that milestone. In addition to the company record in EBITDA, which was a 43% increase from the third quarter of 2010, the company's net revenue increased 26% from the same quarter last year to a record $2.41 billion. Adjusted earnings per diluted share, which was $0.34 during the third quarter of 2010, rose to $0.55 per diluted share, a significant 62% increase. Let me repeat something I said during our last earnings call and again during our investor conference. We see absolutely no reason, again, no catalyst at hand, which would change the upward trend we have been experiencing. If anything, we see a variety of catalysts, which could see us maintain this trend line well into the future. Certainly, the most prominent catalyst is the opening of the first phase of Sands Cotai Central, which will happen roughly 5 short months from now. The opening phase will feature approximately 1,800 (sic) [5,800] hotel rooms and suites, significant nice suite tail [ph] of restaurant space and VIP and mass gaming facilities. Years ago, when I came up with a vision of the Cotai Strip, very few believed in its potential. Now everyone wants to be there. But for the next 3 or 4 years Sands Cotai Central will be the last significant development on a stretch of the most coveted real estate in our industry. In Macau, we remained uniquely positioned to succeed in an environment in which demand exceeds supply, or as our new development comes online, a market in which supply drives additional demand.
Another positive catalyst for us is the progress we are making in regard to our VIP business in Macau. We remain extremely confident that the investments we are making today to expand our offerings in the VIP segment will pay meaningful benefits in the quarters ahead. So with that said, let me now spend a few minutes discussing the company's results by location.Read the rest of this transcript for free on seekingalpha.com