Boyd Gaming increases quarterly dividend share by 6.66% to $0.16

Las Vegas-based casino operator Boyd Gaming announced Tuesday that its Board of Directors has increased its quarterly dividend to $0.16 per share, up from the prior quarterly dividend of $0.15 per share. The dividend is payable on April 15, 2023, to shareholders of record at the close of business on March 15, 2023.

The raise works out to 6.66%. At the close of trading on Tuesday, the stock sported a dividend yield of 0.89%, implying room for growth. 

In March 2020, Boyd suspended its dividend, which was seven cents a share per quarter, amid the Covid pandemic as the company sought to conserve cash. However, to Boyd’s credit, the operator was the first in the industry to reinstate its payout, doing so about a year ago. It’s also one of a scant number of gaming firms to boost its dividend in the post-pandemic landscape.

In addition to its dividend, Boyd is returning capital to investors through share buybacks. Last year, the operator devoted $600 million to shareholder rewards, which included repurchasing $107 million of its stock in the fourth quarter. The company has $239 million left on a previously announced buyback plan.

Boyd runs 10 gaming venues in 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 in Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.