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Boyd Gaming Lifts Dividend For Second Straight Yr

Boyd Gaming Lifts Dividend For Second Straight Yr


Posted on: February 29, 2024, 01:35h. 

Final up to date on: February 29, 2024, 01:48h.

Boyd Gaming (NYSE: BYD) introduced Thursday that it’s rising its quarterly dividend by 6.3% to 17 cents a share from 16 cents.

Boyd dividend
Boyd Gaming’s Fremont Resort and On line casino in downtown Las Vegas. The corporate raised its quarterly dividend by 6.3%. Picture: Vegas Means Enterprise)

The payout hike implies a ahead dividend yield of 1.06%, up from the present degree of 0.99%, primarily based on the inventory’s present worth. Shares of Boyd have been greater by virtually 1.50% on the information in noon buying and selling. The gaming title is up 3.66% 12 months thus far.

The dividend is payable April 15, 2024, to shareholders of file on the shut of enterprise on March 15, 2024,” in response to an announcement issued by the Las Vegas-based regional on line casino operator.

On the finish of 2024, Boyd Gaming had money readily available of $304.3 million, indicating it has the monetary sources with which to assist shareholder rewards. The operator’s excellent debt stood at $2.9 billion on the finish of final 12 months.

Boyd Extends Favorable Dividend Trajectory

It’s been about two years since Boyd reinstated its quarterly payout following a suspension used as a cost-conserving transfer through the worst days of the coronavirus pandemic.

Since that reinstatement, the Orleans operator has boosted its dividend twice — as soon as by 6.66% in February 2023, and the rise introduced immediately. That may very well be an indication the gaming firm has the potential to be a reputable dividend progress inventory.

Boyd has additionally proven dedication to different shareholder rewards. Within the fourth quarter, Boyd repurchased $100 million in shares of its frequent inventory, leaving it with $326 million from a beforehand introduced share buyback plan.

Boyd runs 10 gaming venues in its residence market, together with Aliante, California, Cannery, Fremont, Gold Coast, Jokers Wild, Foremost Road Station, Sam’s City, Suncoast, and The Orleans. It additionally operates regional casinos in Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania.

Different Bullish Dividend Information in Gaming Trade

The dividend enhance introduced by Boyd on Thursday is the newest in a string of encouraging payout information from the gaming business. Earlier this week, Gaming and Leisure Properties (NASDAQ: GLPI), one of many largest on line casino landlords, stated it’s elevating its quarterly dividend to 76 cents per share from 73 cents, extending a prolonged run of dividend will increase.

On February 7, Purple Rock Resorts (NASDAQ: RRR) introduced a particular dividend of $1 per share, its third since November 2021. That’s along with the on line casino operator’s common quarterly distribution.

Amongst publicly traded land-based on line casino operators, the businesses that don’t presently pay quarterly money dividends are Caesars Leisure (NASDAQ: CZR), Century Casinos (NASDAQ: CNTY), Golden Leisure (NASDAQ: GDEN), and Penn Leisure (NASDAQ: GDEN).