Form 4: Boyd Gaming Director Sells 20,000 Shares

Boyd Gaming Corp. Director William R. Boyd sold 20,000 shares of common stock for approximately $80.36 per share on November 7, 2025, under a Rule 10b5-1 plan.

Summary

• William R. Boyd, a Director of Boyd Gaming Corp. (BYD), reported the sale of 20,000 shares of common stock.
• The transaction occurred on November 7, 2025, at an average price of $80.36 per share, with individual transactions ranging from $80.23 to $80.51.
• The sale was executed pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged trading schedule.
• Following this transaction, Mr. Boyd directly beneficially owns 15,188 shares of common stock.
• Additionally, Mr. Boyd indirectly beneficially owns 1,960,447 shares through the William R. Boyd Gaming Properties Trust and 87,034 shares through the Sean W. Johnson Separate Property Trust, for which he serves as trustee.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While an insider sale can sometimes be viewed negatively, the execution under a Rule 10b5-1 plan suggests the transaction was pre-scheduled and not based on new, adverse information, thus mitigating potential negative interpretations.

Positives

• The transaction was conducted under a Rule 10b5-1(c) plan, which indicates the sale was pre-scheduled and not based on immediate, non-public information, potentially mitigating negative market interpretations.

Negatives

• A director selling a significant number of shares (20,000) can sometimes be interpreted by the market as a negative signal regarding the company's future prospects, even if pre-planned.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future outlook.

Industry Context

This filing details an individual insider transaction and does not provide broader industry context or trends.

Related Party Transactions

• William R. Boyd maintains indirect beneficial ownership of shares through the William R. Boyd Gaming Properties Trust and the Sean W. Johnson Separate Property Trust, for which he is the trustee.

Stakeholder Impact

• Shareholders may interpret the insider sale as a signal, though the pre-planned nature under a Rule 10b5-1 plan lessens the potential for a strong negative reaction.

Key Dates

Keywords

Boyd Gaming, BYD, Insider Sale, Form 4, Director Transaction, Stock Sale, Rule 10b5-1, Beneficial Ownership