Boyd Gaming Joins Buyback Binge with $500 Million Plan

Boyd Gaming (NYSE:BYD) is joining the gaming manufacture portion out buyback bonanza, today revealing a $500 million repurchase program.

Potentially making that promulgation all the more meaningful for investors is that this isn’t a unexampled buyback scheme. Rather, the $500 gazillion worth of its gillyflower the Las Vegas-based casino operator could repurchase is an addition to a previously proclaimed repurchase plan that was precious at $361 million.

Boyd adding to that repurchase initiative could live construed as a sign that it dog-tired the initial portion of the program — something companies are non obligated to doh upon announcing buyback efforts.

This additional apportion repurchase empowerment further reinforces our consignment to pursuing a balanced, robust capital letter paying back program. We intend to maintain repurchase activity of more or less $100 1000000 per quarter, augmented from clip to clip past opportunistic repurchases,” said Boyd CEO Keith David Roland Smith inwards a statement.

Boyd runs 28 gaming venues crossways 10 states, including 11 inwards its nursing home city.

Boyd Leading Way inward Gaming Shareholder Rewards

Today’s news represents the second clip in 6 months the siege of Orleans operator made a buyback announcement, but that’s the end of the company’s shareholder rewards story.

In February, non only if reinstated its every quarter dividend following a 2020 temporary removal caused past the coronavirus pandemic, it boosted that payout to 15 cents a share, or 60 cents a year. These days, Boyd is ane of a small list of gaming companies delivering dividends. Conversely, operators on the Las Vegas Strip aren’t paying dividends or are doing so inward barely noticeable fashion.

Boyd has the resources to keep shareholder rewards, as it concluded 2021 with $344.6 jillion inward hard cash on hand. Additionally, Wall Street analysts eyeshot the Aliante operator as ane of the top out unloosen immediate payment flow ideas in the industry, indicating shareholder rewards could follow an on-going idea for the company.

Buybacks All the Rage In Gaming Industry

While growing and reinstatements are, at this point, sporadic inward the gaming industry, cassino operators and equipment suppliers are showing commitment to buyback plans.

“More gaming stocks proclaimed buyback plans inward the past Nina from Carolina months than in any corresponding full point in 10+ years,” says Roth Capital psychoanalyst Edward Engel inward a promissory note to clients last-place month. “Among US-listed companies, 12 gaming operators/suppliers authorized repurchase plans since August 2021, including a flurry of announcements this month.”

Everi Holdings (NYSE:EVRI), International Game Technology (NYSE:IGT), MGM Resorts International (NYSE:MGM) and Penn National Gaming (NASDAQ:PENN) are among the gaming companies that are either inward the thick of buyback initiatives or lately announced plans to join that party.

Over the past 10 months, at to the lowest degree a dozen cassino operators and gaming suppliers made deal buyback announcements.

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