Boyd Gaming (NYSE: BYD) proclaimed today that it is increasing its quarterly dividend to 16 cents a share from 15 cents.
The Las Vegas-based casino operator’s plank of directors approved the raise, which works out to 6.66%. At the closelipped of trading today, the carry sported a dividend give of 0.89%, implying elbow room for growth.
The dividend is payable Apr 15, 2023, to shareholders of record book at the close-fitting of business sector on Mar 15, 2023,” according to a financial statement issued past the siege of Orleans operator.
Boyd runs 10 gaming venues inward its nursing 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 cassino operators, Boyd’s dividend was suspended followers the oncoming of the coronavirus pandemic as the companionship sought to maintain cash.
In Mar 2020, the Aliante manipulator suspended its dividend, which at that time was sevener cents a share per quarter. However, to Boyd’s credit, it was the number 1 inward the industry to reinstate its payout, doing so near a twelvemonth ago. It’s also ane of a scant identification number of gaming firms to advance its dividend in post-pandemic landscape.
Rival Red River Rock Resorts (NASDAQ:RRR) has since followed fit and in conclusion week, Monarch Casino & Resort (NASDAQ: MCRI) proclaimed a one-time special dividend of $5 per percentage along with a new every quarter dispersion 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 penny per divvy up every year piece Caesars Entertainment (NASDAQ: CZR) and Wynn Resorts (NASDAQ: WYNN), among others, aren’t dividend-paying entities.
Boyd Has Resources to Support Dividend Growth
In add-on to its dividend, Boyd is returning majuscule to investors in signifier of portion buybacks. Last year, the manipulator devoted $600 1000000 to shareholder rewards, which included repurchasing $107 gazillion of its possess carry in the 4th quarter. The troupe has $239 zillion left hand on a antecedently announced buyback plan.
Analysts believe Boyd has the power to financial backing the trifecta of shareholder give in — growing its payout, repurchasing carry and reducing debt.
Additionally, the fellowship has levers to pull should it need to raise. Those include a 5% wager inward FanDuel and a worthful portfolio of Las Vegas existent estate. However, the troupe isn’t rushing to piece with its Sin City earth nor has it publically said what its plans are for its increasingly worthful bet FanDuel interest.
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