Boyd Gaming Expands Share Buyback Program with $500M Addition
Boyd Gaming Corporation (NYSE: BYD) has expanded its share repurchase program by $500 million and maintained its quarterly dividend of $0.17 per share. This announcement follows a previous $500 million buyback plan from May 2024.
The company now has approximately $843 million in total repurchase authority as of September 30, 2024. With a market capitalization of $6.6 billion, this represents a significant potential reduction in outstanding shares.
Front exterior of Orleans Hotel
Previous Buyback Success
- May 2024 buyback announcement coincided with stock price of $54.58
- Current stock price near 52-week high at $74.83
- Company has executed four $500 million buyback plans since June 2022
- Quarterly dividend reinstated in February 2022 with two subsequent increases
Corporate Activity
- Q1 2024: Insiders sold approximately $53.4 million worth of stock
- Notable sellers included Chairman Emeritus Bill Boyd and CEO Keith Smith
- Buyback program helps absorb impact of insider sales
Company Operations
- 10 gaming venues in Las Vegas market
- Regional casinos across 9 states: Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania
- 5% ownership stake in FanDuel sports betting platform
Boyd Gaming's strategic share repurchases and consistent dividend payments demonstrate strong financial management and commitment to shareholder value, contributing to the company's robust stock performance in 2024.
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