BOYD GAMING ANNOUNCES ADDITIONAL $500 MILLION SHARE REPURCHASE AUTHORIZATION

Rhea-AI Summary

Boyd Gaming (NYSE: BYD) announced an additional $500 million share repurchase authorization by its Board of Directors. This brings the total remaining repurchase authority to approximately $843 million as of September 30, 2024.

Additionally, Boyd Gaming declared a quarterly cash dividend of $0.17 per share, payable on January 15, 2025, to shareholders of record as of December 16, 2024.

Founded in 1975, Boyd Gaming operates 28 gaming entertainment properties in 10 states, manages a tribal casino in Northern California, and owns Boyd Interactive, an online casino gaming business. The company also holds a 5% equity stake in FanDuel Group, a leading sports-betting operator.

Positive

• Additional $500 million share repurchase authorization, increasing total repurchase authority to $843 million.
• Quarterly cash dividend of $0.17 per share, providing direct returns to shareholders.

Negative

• None.

Insights

Financial Analyst

The announcement of a $500 million share repurchase authorization, bringing the total remaining buyback capacity to $843 million, signals strong financial confidence and shareholder-friendly capital allocation. Share buybacks typically support stock prices by reducing the number of outstanding shares and increasing earnings per share. The maintained quarterly dividend of $0.17 per share demonstrates stable cash flow generation and commitment to returning capital to shareholders. This dual approach of buybacks and dividends reflects Boyd Gaming's robust financial position and positive operational outlook. The company's diversified portfolio across 28 gaming properties, coupled with its strategic stake in FanDuel Group, provides multiple revenue streams and growth opportunities in both traditional gaming and the expanding sports betting market.

Market Research Analyst

The expanded buyback program represents approximately 7.6% of Boyd Gaming's current market capitalization, a significant commitment that could provide substantial price support. The timing is strategic, potentially indicating management's view that the stock is undervalued. The company's geographic diversification across 10 states and involvement in both traditional gaming and online betting through Boyd Interactive positions it well in the evolving gaming landscape. The 5% stake in FanDuel Group adds exposure to the rapidly growing sports betting sector. These factors, combined with the company's proactive capital return strategy, suggest confidence in sustainable free cash flow generation and long-term growth prospects.

Company Declares Quarterly Dividend of $0.17 Per Share

LAS VEGAS, Dec. 5, 2024 /PRNewswire/ -- 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 $843 million remaining in repurchase authority as of September 30, 2024.

Additionally, the Board of Directors has declared a quarterly cash dividend of $0.17 per share, payable January 15, 2025, to shareholders of record as of December 16, 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/boyd-gaming-announces-additional-500-million-share-repurchase-authorization-302324275.html

SOURCE Boyd Gaming Corporation

FAQ

What is the new share repurchase authorization amount for Boyd Gaming (BYD)?

Boyd Gaming's Board of Directors has authorized an additional $500 million for share repurchases.

How much is Boyd Gaming's total remaining repurchase authority?

Boyd Gaming's total remaining repurchase authority is approximately $843 million as of September 30, 2024.

What is the declared quarterly dividend for Boyd Gaming (BYD)?

Boyd Gaming declared a quarterly cash dividend of $0.17 per share.

When is Boyd Gaming's next dividend payment date?

Boyd Gaming's next dividend payment date is January 15, 2025.

What is the record date for Boyd Gaming's upcoming dividend?

The record date for Boyd Gaming's upcoming dividend is December 16, 2024.