March 30, 2020

Boyd Gaming Withdraws Dividend Due to Coronavirus Shutdowns

Boyd Gaming Withdraws Dividend Due to Coronavirus Shutdowns

Nevada-based gaming and hospitality company Boyd Gaming has suspended its quarterly cash dividend following the growing impact of the novel coronavirus (Covid-19) pandemic.

This move was decided after all of Boyd’s casinos—as well as other casinos in the United States—decided to shut down to limit the spread of the virus. The operator closed its casinos in nine states it operates in accordance with orders in each state to shutdown casinos.

The operator also pulled out its 2020 earnings before interest, tax, depreciation, amortization, and restructuring (EBITDAR) guidance amounting to roughly $915 million-$935 million.

Boyd is the latest casino operator to suspend its dividend due to the virus. William Hill also did the same last week due to the suspension of professional sports—with 53% of its 2019 revenue coming from sports betting—as well as the shutdown of US casinos.

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