Kauto Star won the race on four occasions and was honoured on the day by leading out the horses and also with a new statue at the course.
Long Run, the 11-8 favourite, finished second to Kauto Star in last year's running of the race and once again had to settle for second.
Silviniaco Conti, ridden impeccably by Ruby Walsh, led from start to finish with his only nervous moment coming at the final fence as he won by two-and-a-half-lengths as 7-4 second favourite. The Giant Bolster was third but not placed as only five ran.
After the race trainer Paul Nicholls said he was seriously considering entering Silviniaco Conti for the Gold Cup.
"He's a decent horse, he's only six and he jumps and stays," he said.
"I may take him straight to the Gold Cup."
Walsh added: "It's a natural step and looks an obvious target. I'd love a chance to ride another winner at Cheltenham in the Gold Cup."