10 Best Casino Stocks that Pay Dividends

4. Boyd Gaming Corporation (NYSE:BYD)

Number of Hedge Fund Holders: 33

Boyd Gaming Corporation (NYSE:BYD) is an American gaming and hospitality company, based in Nevada. The company offers top-tier hotels, casinos, restaurants, entertainment, and more at each of its locations across the country. The company’s strong fundamentals are drawing attention from analysts. On September 4, Morgan Stanley upgraded the stock to Overweight, noting an appealing risk-reward profile with the stock’s valuation near its lows, stabilizing fundamentals, and potential opportunities related to capital allocation. During the second quarter of 2024, the company bought back $176 million worth of its common stock as part of its ongoing share repurchase program. By June 30, 2024, there was about $545 million left under the current share repurchase authorization.

Boyd Gaming Corporation (NYSE:BYD) earnings came in strong in Q2 2024. The company reported revenue of $967.5 million, up 5.5% from the same period last year. The revenue also surpassed analysts’ estimates by over $58 million. The revenue grew mainly because of its Online segment. In addition, the company successfully upheld operational efficiencies across its business, achieving property margins of nearly 41% during the quarter. It ended the quarter with $281 million available in cash.

Boyd Gaming Corporation (NYSE:BYD) currently offers a quarterly dividend of $0.17 per share, having raised it by 6% in February this year. This was the company’s seventh consecutive year of dividend growth, which makes BYD one of the best casino stocks that pay dividends. The stock’s dividend yield on September 12 came in at 1.17%. In the most recent quarter, the company returned $200 million to shareholders through dividends and share repurchases.

The number of hedge funds in Insider Monkey’s database owning positions in Boyd Gaming Corporation (NYSE:BYD) grew to 33 in Q2 2024, from 29 in the previous quarter. These stakes have a total value of $675 million. With 4 million shares, HG Vora Capital Management was the company’s leading stakeholder in Q2.