{"id":215660,"date":"2022-06-01T19:25:35","date_gmt":"2022-06-02T02:25:35","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=215660"},"modified":"2022-06-02T11:18:38","modified_gmt":"2022-06-02T18:18:38","slug":"boyd-gaming-adding-500-million-to-share-buyback-plan","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/boyd-gaming-adding-500-million-to-share-buyback-plan\/","title":{"rendered":"Boyd Gaming Joins Buyback Binge with $500M Plan"},"content":{"rendered":"

Boyd Gaming (NYSE:BYD) is joining the gaming industry share buyback bonanza, today revealing a $500 million repurchase program.<\/p>\n

\"boyd
Boyd Gaming’s Suncoast Casino-Hotel in suburban Las Vegas. The operator is adding $500 million to its share buyback plan. (Image: Boyd Gaming)<\/figcaption><\/figure>\n

Potentially making that announcement all the more meaningful for investors is that this isn\u2019t a new buyback scheme. Rather, the $500 million worth of its stock the Las Vegas-based casino operator could repurchase is an addition to a previously announced repurchase plan<\/a> that was valued at $361 million.<\/p>\n

Boyd adding to that repurchase initiative could be construed as a sign that it exhausted the initial part of the plan — something companies are not obligated to do upon announcing buyback efforts.<\/strong><\/p>\n

This additional share repurchase authorization further reinforces our commitment to pursuing a balanced, robust capital return program. We intend to maintain repurchase activity of approximately $100 million per quarter, augmented from time to time by opportunistic repurchases,\u201d<\/strong> said Boyd CEO Keith Smith in a statement.<\/p><\/blockquote>\n

Boyd runs 28 gaming venues across 10 states, including 11 in its home city.<\/p>\n

Boyd Leading Way in Gaming Shareholder Rewards<\/h2>\n

Today\u2019s news represents the second time in six months the Orleans operator made a buyback announcement. But that\u2019s the end of the company\u2019s shareholder rewards story.<\/p>\n

\n

In February, Boyd not only reinstated its quarterly dividend<\/a> following a 2020 suspension caused by the coronavirus pandemic, it boosted that payout to 15 cents a share, or 60 cents a year. These days, Boyd is one of a small number of gaming companies delivering dividends. Conversely, operators on the Las Vegas Strip aren\u2019t paying dividends, or are doing so in barely noticeable fashion.<\/p>\n<\/div>\n

Boyd has the resources to support shareholder rewards, as it concluded 2021 with $344.6 million in cash on hand. Additionally, Wall Street analysts view the Aliante operator as one of the top free cash flow<\/a> ideas in the industry, indicating shareholder rewards could be an ongoing theme for the company.<\/p>\n

Buybacks All the Rage In Gaming Industry<\/h2>\n

While growth and reinstatements are, at this point, sporadic in the gaming industry, casino operators and equipment suppliers are showing commitment to buyback plans<\/a>.<\/p>\n

\u201cMore gaming stocks announced buyback plans in the past nine months than in any comparable period in 10+ years,\u201d<\/strong> says Roth Capital analyst Edward Engel in a note to clients last month. \u201cAmong US-listed companies, 12 gaming operators\/suppliers authorized repurchase plans since August 2021, including a flurry of announcements this month.\u201d<\/strong><\/p>\n

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 in the midst of buyback initiatives or recently announced plans to join that party.<\/p>\n

Over the past 10 months, at least a dozen casino operators and gaming suppliers made share buyback announcements.<\/p>\n","protected":false},"excerpt":{"rendered":"

Boyd Gaming (NYSE:BYD) is joining the gaming industry share buyback bonanza, today revealing a $500 million repurchase program. Potentially making that announcement all the more meaningful for investors is that this isn\u2019t a new buyback scheme. Rather, the $500 million worth of its stock the Las Vegas-based casino operator could repurchase is an addition to […]<\/p>\n","protected":false},"author":46,"featured_media":215661,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[],"acf":[],"yoast_head":"\nBoyd Gaming Adding $500 Million To Share Buyback Plan<\/title>\n<meta name=\"description\" content=\"Boyd Gaming expands share buyback effort by $500 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/boyd-gaming-adding-500-million-to-share-buyback-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boyd Gaming Adding $500 Million To Share Buyback Plan\" \/>\n<meta property=\"og:description\" content=\"Boyd Gaming expands share buyback effort by $500 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/boyd-gaming-adding-500-million-to-share-buyback-plan\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-02T02:25:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-02T18:18:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/SC3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1536\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-adding-500-million-to-share-buyback-plan\/\",\"url\":\"https:\/\/www.casino.org\/news\/boyd-gaming-adding-500-million-to-share-buyback-plan\/\",\"name\":\"Boyd Gaming Adding $500 Million To Share Buyback Plan\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-adding-500-million-to-share-buyback-plan\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-adding-500-million-to-share-buyback-plan\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/SC3.jpg\",\"datePublished\":\"2022-06-02T02:25:35+00:00\",\"dateModified\":\"2022-06-02T18:18:38+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Boyd Gaming expands share buyback effort by $500 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-adding-500-million-to-share-buyback-plan\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/boyd-gaming-adding-500-million-to-share-buyback-plan\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-adding-500-million-to-share-buyback-plan\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/SC3.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/SC3.jpg\",\"width\":1536,\"height\":768,\"caption\":\"Boyd Gaming's Suncoast Casino-Hotel in suburban Las Vegas. 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