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Boyd Gaming (BYD) Suspends Dividend on Coronavirus Concerns

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Boyd Gaming Corporation (BYD - Free Report) recently suspended dividend in an effort to preserve cash and maintain ample liquidity in case of a possible financial crisis triggered by the coronavirus outbreak. The company has also withdrawn adjusted EBITDAR guidance. The company will also not provide any guidance, until further notice.
 
In an effort to prevent the spread of this deadly virus, the company’s operations have been closed nationwide. Shares of the company have tanked 49.4% in the past three months, compared with the industry’s decline of 44.3%. The company currently has a Zacks rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
 
Notably, with the coronavirus pandemic showing no signs of letting up, most companies across the world have been scrambling to take measures to tackle the crisis. The companies are not just suspending productions but are also focusing on cost cutting measures. Despite the best efforts by policymakers, it is getting increasingly difficult for companies to stay afloat amid such trying times.
 
Gambling Stocks Hurt by Coronavirus
 
Wynn Resorts, Limited (WYNN - Free Report) has been impacted by the coronavirus crisis. In fact, shares of the company have tanked 46.3% in the past three months. The Zacks Rank #5 (Strong Sell) company was bearing operating expenses of nearly $2.4 million to $2.6 million per day, when casinos were closed in China. The expenses mostly comprised of payroll to 12,200 employees.
 
 
Shares of MGM Resorts International (MGM - Free Report) have declined 61.4% in the past three months. The company’s performance in 2020 will be impacted by the coronavirus outbreak. Notably, the company has shut operations in its Macau casinos and gaming areas. Owing to the shutdown, the company has been incurring operating expenses of approximately $1.5 million per day, majority being the payroll. The company currently has a Zacks Rank #4 (Sell).
 
Shares of Melco Resorts & Entertainment Ltd. (MLCO - Free Report) have declined 40.7% in the past three months. The company, which develops, owns, and operates casino gaming and entertainment casino resort facilities in Asia through its subsidiaries, has been impacted by the deadly virus as well. The company has a Zacks Rank #4.
 
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