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Adjusted EBITDAR by Geography
Measures operating cash profit before rent and one-time items across different regions, highlighting which markets generate the strongest operating margins and cash flow — important for assessing the business’s ability to cover leases, service debt, fund investments, and support dividends.
Midwest & South is the clear earnings engine—steady expansion and improving margins are offsetting persistent Las Vegas destination weakness tied to Orleans and Suncoast renovations. Managed & Other is a material growth driver (raised guidance reflects sustainable, project-driven upside), while online is volatile quarter-to-quarter but management’s guidance raise signals confidence in a H2 rebound. Corporate cash/tax items created near-term pressure, but strong free cash flow and a commitment to big buybacks leave Boyd positioned to fund development and returns despite localized Las Vegas softness.
BYD Adjusted EBITDAR by Geography
| Date | Las Vegas Locals | Downtown Las Vegas | Midwest & South | Online | Managed & Other | Corporate |
|---|---|---|---|---|---|---|
| Sep 30, 2026 | $87.39M | $12.85M | $201.63M | $10.93M | $29.76M | -$22.92M |
| Jun 30, 2026 | $106.42M | $16.91M | $208.75M | $10.59M | $30.69M | -$22.88M |
| Mar 31, 2026 | $99.96M | $18.90M | $192.64M | $8.36M | $28.42M | -$30.86M |
| Dec 31, 2025 | $109.12M | $24.00M | $191.43M | $8.17M | $28.59M | -$24.70M |
| Sep 30, 2025 | $92.13M | $16.12M | $201.60M | $9.42M | $26.27M | -$23.78M |
| Jun 30, 2025 | $112.71M | $19.41M | $201.40M | $22.24M | $25.96M | -$23.86M |
| Mar 31, 2025 | $106.55M | $20.92M | $183.22M | $23.31M | $27.32M | -$23.80M |
| Dec 31, 2024 | $112.32M | $26.98M | $192.39M | $44.07M | $25.70M | -$22.17M |
| Sep 30, 2024 | $96.41M | $16.51M | $196.87M | $26.00M | $22.53M | -$21.69M |
| Jun 30, 2024 | $109.25M | $22.02M | $195.46M | $17.06M | $23.14M | -$22.73M |
| Mar 31, 2024 | $110.44M | $17.82M | $180.99M | $20.48M | $24.78M | -$24.02M |
| Dec 31, 2023 | $120.43M | $27.63M | $190.57M | $17.31M | $24.38M | -$24.86M |
| Sep 30, 2023 | $105.98M | $15.86M | $190.59M | $11.01M | $19.00M | -$21.61M |
| Jun 30, 2023 | $118.39M | $19.65M | $201.83M | $13.40M | $19.55M | -$21.46M |
| Mar 31, 2023 | $126.16M | $22.37M | $198.68M | $20.62M | $21.55M | -$22.24M |
| Dec 31, 2022 | $120.43M | $27.63M | $190.57M | $17.31M | $24.38M | -$24.86M |
| Sep 30, 2022 | $111.73M | $17.70M | $230.19M | $0.00 | $0.00 | -$21.93M |
| Jun 30, 2022 | $125.33M | $22.12M | $229.05M | $0.00 | $0.00 | -$22.63M |
| Mar 31, 2022 | $118.69M | $18.39M | $223.48M | $0.00 | $0.00 | -$21.73M |
| Dec 31, 2021 | $123.61M | $20.22M | $226.76M | $0.00 | $0.00 | -$22.43M |
| Sep 30, 2021 | $125.36M | $13.22M | $222.06M | $0.00 | $0.00 | -$19.94M |
| Jun 30, 2021 | $133.57M | $15.42M | $259.99M | $0.00 | $0.00 | -$23.59M |
| Mar 31, 2021 | $90.64M | $2.44M | $218.15M | $0.00 | $0.00 | -$18.63M |
