Boyd Gaming authorizes $500m increase to share repurchase program
Its Board of Directors approved the change, along with quarterly cash dividend of $0.15 per share.
Boyd Gaming Corporation has announced that its Board of Directors has authorized a $500m increase to its existing share repurchase program. This allows the company to continue sharing its repurchases as it closes prior repurchase authorizations that total $361m.
The Board of Directors has also declared that a quarterly cash dividend of $0.15 per share, payable July 15, 2022, will be available to shareholders of record as of June 30, 2022.
Boyd Gaming President and CEO Keith Smith commented: “This additional share repurchase authorization further reinforces our commitment to pursuing a balanced, robust capital return program.”
Smith went on to add that the company plans to maintain its quarterly repurchasing activity.
“We intend to maintain repurchase activity of approximately $100m per quarter, augmented from time to time by opportunistic repurchases,” Smith said.
Las Vegas-based Boyd Gaming was founded in 1975. The company operates 28 gaming entertainment properties in ten states, including five properties in Louisiana.
It is the parent company of Treasure Chest, which recently announced a $95m gambling expansion plan in the city of Kenner, Louisiana. This is due to Louisiana legislation that will now allow floating riverboat casinos to move onto land.
Treasure Chest is the third riverboat to make this transition since the state approved these legislative measures three years ago.
Treasure Chest has contributed millions of dollars directly to Kenner since its opening in 1994. Donated funds are designated to be used for capital improvement projects like police cars and street repairs.
Boyd Gaming Corporation also owns 5% equity in FanDuel Group, a national sports betting operator.
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