[Form 4] Boyd Gaming Corporation Insider Trading Activity

Rhea-AI Filing Summary

Josh Hirsberg, CFO & Treasurer of Boyd Gaming Corporation (BYD), reported an insider sale. On 08/22/2025 he sold 40,035 shares of BYD common stock in multiple trades at a weighted average price of $85.41, with trade prices ranging from $85.25 to $85.65. After the sale he directly owns 420,185 shares and has an indirect interest in 20,500 shares held by his spouse. The Form 4 was signed by an attorney-in-fact on 08/25/2025.

Positive

• Timely disclosure of the insider sale on a Form 4, including weighted average price and price range
• Transparent execution note stating trades occurred in multiple transactions and offering to provide full trade details on request

Negative

• Insider disposition of 40,035 shares reduces direct holdings to 420,185 shares
• Sale amount may be viewed negatively by some investors, though no context on motive or total ownership percentage is provided

Insights

Financial Analyst

TL;DR: Insider sale of 40,035 shares at ~$85.41 appears routine and is disclosed on Form 4.

The sale reduces the reporting person's direct holdings to 420,185 shares while an indirect holding of 20,500 shares remains via spouse. The filing discloses execution in multiple trades at prices between $85.25 and $85.65 and provides a weighted average sale price. This is a factual disclosure without forward-looking statements or company operational data; its investor impact depends on context such as overall insider ownership levels and recent trading patterns, which are not provided in this filing.

Corporate Governance Expert

TL;DR: The Form 4 shows proper disclosure of an insider transaction and includes required execution details.

The reporting person timely disclosed the disposition and provided an explanation that trades occurred at multiple prices and that full trade details are available on request. The filing includes the standard beneficial ownership disclaimer regarding spousal holdings and was executed by an attorney-in-fact. There are no governance actions, derivative transactions, or amendments reported in this document.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hirsberg Josh

(Last) (First) (Middle)

6465 S. RAINBOW BLVD.

(Street)

LAS VEGAS NV 89118

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BOYD GAMING CORP [ BYD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO & Treasurer

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/22/2025		S		40,035(1)	D	$85.41	420,185	D
Common Stock								20,500	I	By Spouse*

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $85.25 to $85.65. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

Remarks:

* The reporting person expressly disclaims beneficial ownership of any securities of the Issuer except for those securities that are owned directly by the Reporting Person or to the extent of the Reporting Person's pecuniary interest in a trust or other entity which owns such securities.

	/s/ Uri Clinton, attorney-in-fact for Josh Hirsberg	08/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Josh Hirsberg report for BYD?

He reported a sale of 40,035 shares of Boyd Gaming (BYD) common stock on 08/22/2025.

At what price were the BYD shares sold?

The shares were sold at a weighted average price of $85.41, with individual trade prices ranging from $85.25 to $85.65.

How many BYD shares does Josh Hirsberg own after the sale?

After the transaction he directly owns 420,185 shares and has an indirect interest in 20,500 shares held by his spouse.

Was the Form 4 signed and when?

The Form 4 was executed by an attorney-in-fact (Uri Clinton) and dated 08/25/2025.

Does the filing disclose any derivative transactions or option exercises?

No. Table II for derivative securities contains no reported transactions in this filing.