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Boyd Gaming Announces Additional $500 Million Share Repurchase Authorization
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
buyback
Rhea-AI Summary
Boyd Gaming (NYSE: BYD) has announced an additional $500 million share repurchase authorization, bringing the total remaining repurchase authority to approximately $721 million as of March 31, 2024. The company also declared a quarterly cash dividend of $0.17 per share, payable on July 15, 2024, to shareholders of record as of June 15, 2024. Boyd Gaming, founded in 1975, operates 28 gaming properties in 10 states, manages a tribal casino in northern California, and owns Boyd Interactive, an online casino gaming business.
Positive
Boyd Gaming (NYSE: BYD) has authorized an additional $500 million for its share repurchase program, indicating confidence in the company's financial position and long-term prospects.
The declaration of a quarterly cash dividend of $0.17 per share demonstrates the company's commitment to returning value to its shareholders amidst a challenging economic environment.
Negative
None.
Insights
The authorization of an additional $500 million for share repurchases by Boyd Gaming Corporation indicates the company's confidence in its financial stability and future prospects. From a balance sheet perspective, this move signifies a potential increase in shareholder value as buybacks generally lead to a reduction in the number of shares outstanding, potentially increasing earnings per share (EPS). Furthermore, the declaration of a $0.17 quarterly dividend reflects a commitment to returning value to shareholders and provides a direct cash incentive for investment retention. This dual approach of share repurchases and dividends can be a positive signal to the market; however, investors should also consider the opportunity cost of these activities, such as the potential for reinvestment into growth or debt reduction.
Boyd Gaming's strategic partnership with FanDuel Group and ownership of Boyd Interactive underline its presence in the growing online casino gaming and sports-betting sectors. The gaming industry is increasingly moving towards digital platforms and Boyd's involvement in these areas may position it well for future growth. However, investors should monitor the sector's regulatory environment, which can significantly impact these business avenues. The gaming industry is subject to cyclical trends and regulatory risks and Boyd's diversified portfolio might help mitigate these risks. The share buyback may also be interpreted as a sign that the company perceives its stock to be undervalued, which could attract investor interest.
Company Declares Quarterly Dividend of $0.17 Per Share
LAS VEGAS--(BUSINESS WIRE)--
Boyd Gaming Corporation (NYSE: BYD) today announced that its Board of Directors has authorized an additional $500 million under the Company’s share repurchase program.
Considering the additional authorization, the Company had approximately $721 million remaining in repurchase authority as of March 31, 2024.
Additionally, the Board of Directors has declared a quarterly cash dividend of $0.17 per share, payable July 15, 2024, to shareholders of record as of June 15, 2024.
About Boyd Gaming
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 28 gaming entertainment properties in 10 states, manager of a tribal casino in northern California, and owner and operator of Boyd Interactive, a B2B and B2C online casino gaming business. The Company is also a strategic partner and 5% equity owner of FanDuel Group, the nation's leading sports-betting operator. With one of the most experienced leadership teams in the casino industry, Boyd Gaming prides itself on offering guests an outstanding entertainment experience and memorable customer service. Through a long-standing company philosophy called Caring the Boyd Way, Boyd Gaming is committed to advancing Corporate Social Responsibility (CSR) initiatives that positively impact the Company's stakeholders and communities. For additional Company information and press releases, visit https://investors.boydgaming.com.
