Published on: February 19, 2026, at 07:00h.
Updated on: February 19, 2026, at 07:00h.
- Boyd Gaming is increasing its quarterly dividend by over 10%
- This marks the fourth consecutive dividend raise
- The Las Vegas locals market supports a strong outlook
Boyd Gaming (NYSE: BYD) announced today that it is raising its quarterly dividend from 18 cents to 20 cents per share, representing an 11.11% increase.
The Las Vegas-based gaming firm operates 27 properties across 11 states and confirmed that its board of directors sanctioned this increased payout.
The new dividend will be distributed on April 15, 2026, to shareholders recorded by the close of trading on March 16, 2026, as stated by the Orleans operator.
Boyd manages 10 gaming establishments in Las Vegas, including Aliante, California, Cannery, Fremont, Gold Coast, Jokers Wild, Main Street Station, Sam’s Town, Suncoast, and The Orleans. This number is set to expand to 11 in the coming month with the launch of Cadence Crossing Casino in Henderson, Nevada. Additionally, the company oversees regional casinos in Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.
Boyd’s Financial Health Reinforces Dividend Growth
While the casino industry features many low-yield or non-paying dividend stocks, Boyd stands out as a promising growth story.
Like many competitors, Boyd paused its dividends to conserve cash during the pandemic but reinstated them in 2022. Since then, Boyd has raised its dividend four times, including today’s announcement.
The last two hikes were each 6%, so this latest increase suggests a robust confidence from Boyd’s management. Analysts indicate that the company is well-positioned for shareholder rewards, including buybacks and dividends.
“For investors seeking exposure to regional gaming, we believe BYD remains one of the most attractive options,” stated Stifel analyst Steven Wieczynski in a recent report. “A flight to quality in the sector appears to be our best avenue. Boyd consistently showcases a superior balance sheet, growth prospects, and flexibility regarding its financial strategy.”
Wieczynski rates the stock as a “hold” with a price target of $95, suggesting an upside greater than 11% from the present closing price.
Boyd’s Position in the Las Vegas Market
As the largest operator in downtown Las Vegas, Boyd is insulated from the fluctuating tourism numbers on the Strip. Beyond the tourist areas, Boyd has established itself as a leading brand within the thriving Las Vegas locals market.
In the fourth quarter, Boyd’s performance in the locals segment and its operations outside of Nevada was particularly strong, compensating for lower results at some of its Las Vegas properties reliant on events and tourism.
“Management indicated that local drive-to customer strength is widespread across the physical portfolio, reflecting a desire for closer entertainment options that drive ongoing growth,” added Wieczynski. “Excluding the Orleans, which is more dependent on destination traffic, the locals segment in Las Vegas would have seen 2% year-over-year growth in earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) in 4Q25.”