[Form 4] Boyd Gaming Corporation Insider Trading Activity

Rhea-AI Filing Summary

Keith Smith, who is listed as President and CEO and a director of Boyd Gaming Corporation (BYD), reported the sale of 25,000 shares of the company's common stock on 08/22/2025. The reported weighted-average sale price was $85.21, reflecting multiple trades at prices between $85.01 and $85.45. After the transaction the reporting person beneficially owned 1,046,689 shares directly and 325 shares indirectly through a spouse. The Form 4 was signed by an attorney-in-fact.

Positive

• Disclosure compliance: The sale was reported on a Form 4 with execution-price range and weighted-average price disclosed
• Substantial continuing ownership: Reporting person retains 1,046,689 shares directly after the sale

Negative

• Insider sale occurred: The CEO/director sold 25,000 shares on 08/22/2025
• Details omitted from form: The filing does not include per-trade quantities and exact timestamps (only a price range and weighted average)

Insights

Corporate Governance Expert

TL;DR: A routine insider sale by the CEO/director was disclosed; ownership remains substantial.

Keith Smith, as President and CEO and a director, reported a sale of 25,000 shares at a weighted-average price of $85.21 on 08/22/2025. The filing shows continued material ownership of 1,046,689 shares directly and 325 indirectly, indicating the insider retains significant stake. The notice includes the required execution-price range disclosure and an attorney-in-fact signature, suggesting compliance with Form 4 procedural requirements.

Securities Analyst

TL;DR: Transaction is disclosed clearly; size and residual holdings suggest the sale is not dispositive.

The Form 4 documents a common-stock sale of 25,000 shares at a weighted-average of $85.21, with prices between $85.01 and $85.45. Post-transaction direct beneficial ownership is 1,046,689 shares, plus 325 held by spouse. The report specifies the sale was executed in multiple trades and offers to provide trade-level details upon request, consistent with disclosure norms for Section 16 filers.

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^*

SMITH KEITH

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

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		25,000	D	$85.21(1)	1,046,689	D
Common Stock								325	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 $85.01 to $85.45. 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.

	/s/ Uri Clinton, attorney-in-fact for Keith Smith	08/22/2025
	** 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 did Boyd Gaming (BYD) insider Keith Smith report on 08/22/2025?

Keith Smith reported the sale of 25,000 shares of Boyd Gaming common stock on 08/22/2025 at a weighted-average price of $85.21.

How many Boyd Gaming shares does Keith Smith own after the reported transaction?

Following the sale, the Form 4 shows Keith Smith beneficially owned 1,046,689 shares directly and 325 shares indirectly through a spouse.

What price range was disclosed for the BYD insider sale?

The filing states the transaction was executed in multiple trades at prices ranging from $85.01 to $85.45, with a weighted-average of $85.21.

Who signed the Form 4 reporting Keith Smith's transaction?

The Form 4 was signed by Uri Clinton, attorney-in-fact for Keith Smith on 08/22/2025.

What roles does Keith Smith hold at Boyd Gaming according to the filing?

The reporting person is identified as a Director and as an Officer with the title President and CEO.