Boyd Gaming is to reinstate its cash dividend program after posting year-on-year growth across key financial metrics in the three months to March 31, 2017.
Gaming revenue in the first quarter came in at just under $500 million (€458.1 million), up from $462.6 million in the corresponding period last year.
Operating income jumped from $82.3 million in Q1 of 2016 to $94.9 million in the opening three months of this year, while net income also climbed from $33.2 million to $35.5 million.
Both basic and diluted net income per common share increased from $0.19 to $0.31, with Boyd now set restart its cash dividend program by making an initial quarterly payment of $0.05 per share.
Keith Smith, president and chief executive of Boyd, said: “Thanks to the continued strength of our operations, our successful acquisitions, and the significant progress we have made deleveraging our balance sheet, we are now able to reinstitute a programme of returning capital to our shareholders.
“We believe a balanced approach of deleveraging, investment in organic growth projects, and opportunistic acquisitions – combined with the return of a portion of our free cash flow to shareholders – is the right strategy to maximise long-term shareholder value.”
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