Boyd Gaming (NYSE: BYD) has expanded its share repurchase program by $500 million and maintained its quarterly dividend of $0.17 per share. This announcement led to an increase in the company's stock price during after-hours trading.

The gaming operator now has approximately $843 million in total repurchase authority as of September 30, 2024. This represents a significant portion of Boyd's $6.6 billion market capitalization, though companies are not required to complete the full amount of announced buybacks.

This marks Boyd's fourth $500 million buyback announcement since June 2022. The company's previous buyback in May 2024 proved well-timed, as the stock rose from $54.58 to $74.83, demonstrating effective capital management during price dips.

The expanded buyback program helps offset earlier insider stock sales, including approximately $53.4 million worth of shares sold by company leaders in early 2024, including Chairman Emeritus Bill Boyd and CEO Keith Smith.

Boyd Gaming operates 10 casino properties in Las Vegas, including The Orleans, Gold Coast, and Sam's Town, plus additional properties across nine other states. The company also maintains a 5% stake in FanDuel, a leading online sports betting platform.

The company's consistent share repurchase strategy, combined with its quarterly dividend program reinstated in February 2022, reflects a strong commitment to returning value to shareholders while maintaining operational growth.

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