Boyd Gaming Back with Another Dividend Hike

• Boyd Gaming is raising its quarterly dividend by more than 10%
• Marks fourth consecutive dividend hike
• Las Vegas locals segment underpins fundamental outlook

Boyd Gaming (NYSE: BYD) said today it is boosting its quarterly dividend to 20 cents a share from 18, marking an increase of 11.11%.

The Las Vegas-based gaming company, runs 27 gaming venues across 11 states, said its board of directors approved the upped payout.

The dividend is payable April 15, 2026, to shareholders of record at the close of business on March 16, 2026,” according to a statement issued by the Orleans operator.

Boyd runs 10 gaming venues in its home market, including Aliante, California, Cannery, Fremont, Gold Coast, Jokers Wild, Main Street Station, Sam’s Town, Suncoast, and The Orleans. That figure is poised to grow to 11 next month when Cadence Crossing Casino in Henderson, Nevada comes online. It also operates regional casinos in Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.

Boyd Balance Sheets Supports Payout Growth

Broadly speaking, the casino industry remains littered with low-yielding or non-dividend paying stocks, but there are some payout growth stories with Boyd being one.

The regional casino operator, like many of its peers, suspended its payout to conserve capital during the coronavirus pandemic, bringing it back in 2022. Since then, Boyd has increased its payout four times, including today’s announcement.

“If investors need regional gaming exposure, BYD remains one of the most compelling names to own, in our opinion,” said Stifel analyst Steven Wieczynski in a report out earlier this month. “Flight to quality in this space seems to make the most sense to us. BYD continues to have a best-in-class balance sheet, growth opportunities and optionality with regard to their balance sheet.”

He rates the stock a “hold” with a $95 price target, which implies upside of more than 11% from today’s closing price.

Boyd Has Right Las Vegas Exposure

While Boyd is the largest operator in downtown Las Vegas, it’s not exposed to volatile Strip visitation trends and outside of Las Vegas tourist areas, the company is one of the dominant names in the still vibrant Las Vegas locals segment.

In the fourth quarter, Boyd’s strength in that segment and its ex-Nevada operations was on full display, picking up the slack for some of its more event/tourist-dependent Las Vegas properties.

“Management noted strength from local, drive-to customers remains broad-based across the brick-and-mortar portfolio, citing desire for closer-to-home entertainment options driving sustained growth,” adds Wieczynski. “Excluding the Orleans, which is more exposed to destination business, the Las Vegas locals segment would have delivered 2% year-over-year earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) growth in 4Q25.”