Boyd Boosts Quarterly Dividend by Nearly Seven Percent
Boyd Gaming (NYSE: BYD) announced today that it is increasing its quarterly dividend to 16 cents a apportion from 15 cents.
The Las Vegas-based casino operator’s board of directors approved the raise, which workings come out to 6.66%. At the come together of trading today, the inventory sported a dividend bear of 0.89%, implying way for growth.
The dividend is payable Apr 15, 2023, to shareholders of put down at the come together of business on March 15, 2023,” according to a statement issued by the siege of Orleans operator.
Boyd runs 10 gaming venues inwards its home market, including Aliante, California, Cannery, Fremont, Gold Coast, Jokers Wild, Main Street Station, Sam’s Town, Suncoast, and The Orleans. It also operates regional casinos inwards Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio River and Pennsylvania.
Boyd Dividend Rebounding from COVID-19 Woes
Like many gambling casino operators, Boyd’s dividend was suspended following the oncoming of the coronavirus pandemic as the companion sought to preserves cash.
In Mar 2020, the Aliante operator suspended its dividend, which was heptad cents a portion out per quarter at that time. However, to Boyd’s credit, it was the for the first time in the manufacture to reinstate its payout, doing so almost a yr ago. It’s also single of a skimp number of gaming firms to supercharge its dividend inward the post-pandemic landscape.
Rival Red River Rock Resorts (NASDAQ:RRR) has since followed suit. Last week, Monarch Casino & Resort (NASDAQ: MCRI) announced a one-time special dividend of $5 per percentage on with a unexampled quarterly distribution of 30 cents.
Conversely, the dividend state of affairs on the Las Vegas Strip is bleak as MGM Resorts International (NYSE: MGM) pays a mere centime per percentage annually. Caesars Entertainment (NASDAQ: CZR) and Wynn Resorts (NASDAQ: WYNN), among others, aren’t dividend-paying entities.
Boyd Has Resources to Support Dividend Growth
In improver to its dividend, Boyd is returning upper-case letter to investors through portion buybacks. Last year, the operator devoted $600 gazillion to shareholder rewards, which included repurchasing $107 jillion of its have buy in in the fourth quarter. The keep company has $239 million left hand on a previously announced buyback plan.
Analysts believe Boyd tin can reinforcement the trifecta of shareholder relent — growing its payout, repurchasing carry and reducing debt.
Additionally, the troupe has levers to pulling should it want to raise. Those include a 5% wager inward FanDuel and a worthful portfolio of Las Vegas tangible estate. However, the troupe isn’t rushing to component part with its Sin City land, nor has it publicly said what its plans are for its increasingly valuable stake FanDuel interest.
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