Boyd Gaming CORP: insider trades · United States · SEC (Form 4)

About Boyd Gaming CORP

Boyd Gaming Corp. (NYSE: BYD) is a United States-based gaming and entertainment operator listed on the NYSE. Founded in 1975 and headquartered in Las Vegas, Nevada, the company has built a geographically diversified portfolio of gaming assets over several decades. For French-speaking investors, Boyd Gaming is best understood as a regional casino operator with an increasingly meaningful digital layer, combining brick-and-mortar casinos, online gaming, and management-related activities. The company operates through several complementary segments. Its core business remains the ownership and operation of casinos and resorts across regional U.S. markets, rather than a pure destination-only model. Boyd has stated that it operates 27 gaming entertainment properties in 11 states, underscoring a strategy centered on local and regional customer bases. This footprint supports recurring visitation, strong loyalty economics, and a diversified revenue base that is less dependent on a single geography or one flagship property. Beyond traditional casinos, Boyd Gaming has developed an Online segment that includes Boyd Interactive and third-party market-access arrangements in the United States. This online platform gives the group exposure to digital casino gaming and broader iGaming economics, while still keeping the company anchored in its physical property network. Boyd also reports a Managed & Other category, which includes management fees from contracted operations and its Illinois distributed gaming business. That additional layer gives the group some incremental earnings diversification. From a competitive standpoint, Boyd Gaming is differentiated by its focus on regional gaming markets, disciplined operating execution, and a long-standing track record in the sector. Recent company commentary has highlighted strong property-level margins, solid operating efficiency, and a well-capitalized balance sheet. Boyd also emphasizes ongoing capital investment across its portfolio, which helps refresh the customer offer, support visitation, and improve long-term asset quality. Recent developments are important for the investment case. In July 2025, Boyd announced an agreement to sell its 5% equity stake in FanDuel for $1.755 billion, a major transaction that materially strengthened balance-sheet flexibility and reduced complexity in the company’s equity holdings. In first-quarter 2026 results, management said it opened Cadence Crossing Casino, its newest Las Vegas Locals property, while continuing development of a $750 million resort in Virginia. These actions suggest a strategy focused on disciplined growth, portfolio upgrading, and capital returns rather than aggressive balance-sheet expansion.