Boyd Gaming Corporation’s Board of Directors has established a quarterly cash dividend of $0.16 per share that will be payable to its shareholders. The dividend will pay out on April 15, 2023 to company shareholders as of March 15, 2023.
The current quarterly cash dividend has risen since last summer when the rate held steady at $0.15 per share. The board declared the previous rate, following a company-authorized $500m increase to its existing share repurchase program.
The new rate follows a recently concluded merger acquisition. Boyd Gaming completed a previously announced deal to acquire Pala Interactive LLC, as well as its subsidiaries. The company closed the deal for a net cash total of $170m.
The increase has allowed the company to continue sharing its repurchases as it closes prior repurchase authorizations that total $361m.
Las Vegas-based Boyd Gaming was founded in 1975. The company currently operates 28 gaming entertainment properties in ten states, including five properties in Louisiana. Boyd Gaming Corporation also owns 5% equity in the national sports betting operator, FanDuel Group.
Boyd 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.
In its latest annual environmental, social and corporate governance (ESG) report, Boyd Gaming reported that it has made significant efforts during the fiscal year to improve environmental conditions, as well as positive in-house changes and philanthropic efforts.
