ands, which also operates the Venetian and Palazzo resorts in Las Vegas, reported a quarterly net profit of us$ 367.6 million, compared with a net loss of us$ 4.7 million a year ago. Excluding one-time items, Sands earned 54 cents a share.
Overall net revenue for the quarter rose 47 % to us$ 2.35 billion. Analysts had expected us$ 2.21 billion, according to Thomson Reuters. Sands said quarterly revenue at its majority-owned Sands China subsidiary rose 16.3 % to us$ 1.21 billion, while adjusted EBITDA rose 27.1 % to us$ 382.1 million.
Company-wide operating results
Net revenue for the second quarter of 2011 was a record us$ 2.35 billion, an increase of 47.1% compared to us$ 1.59 billion in the second quarter of 2010. Consolidated adjusted property EBITDA in the second quarter of 2011 increased 90.4% to us$ 901.6 million, compared to us$ 473.5 million in the year-ago quarter. Consolidated adjusted property EBITDA margin increased 870 basis points to 38.4% in the second quarter of 2011, compared to 29.7% in the second quarter of 2010.
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the second quarter of 2011 increased 264.6% to reach us$ 608.1 million, compared to us$ 166.8 million in the second quarter of 2010. The increase in operating income was principally due to stronger results across our portfolio of properties in Macau and at Marina Bay Sands in Singapore.
Adjusted net income increased to us$ 438.6 million, compared to us$ 129.3 million in the second quarter of 2010. On a GAAP basis, net income attributable to common stockholders in the second quarter of 2011 increased to us$ 367.6 million, compared to a net loss of us$ 4.7 million in the second quarter of 2010.
Diluted earnings per share in the second quarter of 2011 was us$ 0.45, compared to a diluted loss per share of us$ 0.01 in the prior year quarter. The improvement in our net income attributable to common stockholders of us$ 368.8 million reflects the increase in operating income, partially offset by increases in net income attributable to noncontrolling interests (primarily Sands China) and income tax expense.
In a conference call after announcing the results, Michael Leven, acting CEO of Sands China announced the opening of parcel five in Cotai for the first quarter of 2012. “We have finalized franchising agreements with two very prominent international hotel brands for lot five and are now working with those companies to coordinate an announcement of those brands - which we expect will come very soon,” he said. “The opening of what we are calling lot six A, which will feature nearly 2,000 Sheraton-branded rooms, is on track for the third quarter of 2012,” Leven added. Lot six B is schedule to open in early 2013.
Leven commented that it is expected that there will be approximately 200 gaming tables at each of the two casinos on parcels five and six and approximately 120–130 gaming tables in Paiza club. He also said Sands China will invest us$ 125 million in hardware to boost its VIP business. That includes “a variety of projects, several of which will be completed ahead of Chinese New Year 2012.”