Boyd Gaming Corp. last week advised shareholders that it is suspending its quarterly cash dividend due to the coronavirus pandemic, which has forced the closure of its 29 casinos in the U.S.
The move follows the announcement that the company will hold its annual shareholder meeting online, “due to public meeting restrictions and continued public health concerns related to the spread of Covid-19.”
The online meeting is scheduled for 11 a.m. PT Thursday, April 9. The company reported that stockholders will be afforded “the same rights and opportunities to participate as they would at an in‑person meeting, using online tools to ensure stockholder access and participation.”
The company is suspending dividends to maintain liquidity while its properties are shut down. Boyd’s stock price has dropped nearly 50 percent in the past three months. One analyst said the operator is spending $3.2 million a day while its casinos are closed.
Boyd Gaming has properties in Las Vegas, Pennsylvania, Mississippi, Illinois, Indiana, Missouri and Louisiana.
