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BYDBoyd Gaming Corp · Insider ownership research

Boyd Gaming Corp insiders sold $26.4M in the past 12 months. How much of their stake is that?

0% was sold under disclosed trading plans, 100% with no plan disclosed. The largest seller, Keith Smith (President and CEO, Director), sold $8.6M.Share-of-stake figures for this company are being verified and will be added when that check is finished. Why

Updated Oct 16, 2026 from SEC filings · covers Oct 17, 2025 to Oct 16, 2026
$26.4M
sold with no plan disclosed, past 12 months
0%
of sales were under disclosed trading plans, past 12 months
7 of 17
officers and directors sold shares, past 12 months
Is this normal? Less than usual: about a third of the 5-year average. 7 insiders sold; the average is 8 a year. Year by year
Latest filing: Filed Aug 26 for a sale on Aug 24. Marianne Johnson sold 12 shares ($984) with no plan disclosed. Filing
SEC ownership filings: 37 filed in the 12 months to Oct 16, 2026; 1,300 on record since Aug 6, 2003 · See the evidence

What stands out

Five insiders sold $26.0M with no disclosed plan: Keith Smith ($8.6M), Marianne Johnson ($8.4M) and William Boyd ($4.2M), plus 2 more. The filings don't state a reason.Keith Smith: largest such sale, Jun 3, 2026 · Marianne Johnson: largest such sale, May 5, 2026 · William Boyd: largest such sale, Feb 18, 2026

A share of stake is shown for 0 of the 7 officers and directors who sold. 17 are left out

i
Left out: Marianne Johnson, William Boyd, Keith Smith, Josh Hirsberg, Stephen Thompson, Uri Clinton, Ted Bogich, John Bailey, Paul Whetsell, Lori Nelson, Randall Thoman, Howard Shaw III, Christine Spadafor, Steven Schutte, Michael Hartmeier, George Roeth and Stacia Andersen (share of stake is being verified).
Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Their share of stake is being verified and is not shown yet; amounts and trading plans are below.

Keith Smith
President and CEO, Director
Not confirmed
Share of stake not shown: share of stake is being verified. Why
$8.6MNo plan disclosed
Marianne Johnson
Director
Not confirmed
Share of stake not shown: share of stake is being verified. Why
$8.4MNo plan disclosed
William Boyd
Director
Not confirmed
Share of stake not shown: share of stake is being verified. Why
$4.2MNo plan disclosed
Josh Hirsberg
CFO & Treasurer
Not confirmed
Share of stake not shown: share of stake is being verified. Why
$3.2MNo plan disclosed
Stephen Thompson
Chief Administrative Officer
Not confirmed
Share of stake not shown: share of stake is being verified. Why
$1.6MNo plan disclosed
All 7 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

No plan disclosedOne dollar scale for every month; the tallest bar is labeled
OctNov 2025: $1.6M no plan disclosedNovDecJanFeb 2026: $6.2M no plan disclosedFebMarAprMay 2026: $8.5M no plan disclosedMayJun 2026: $8.9M no plan disclosed$8.9MJunJul 2026: $1.1M no plan disclosedJulAug 2026: $984 no plan disclosedAugSepOct

Recent activity

Past 30 days, Sep 17, 2026 to Oct 16, 2026

No officer or director trades were reported for the past 30 days. The most recent before that:

Aug 24, 2026Marianne Johnson sold 12 shares ($984) with no plan disclosed.
WhoSharesPrice% of total stakeTotal stake afterTrade dateFiled
Marianne Johnson
Director
12$82.00n/an/aAug 24, 2026Aug 26, 2026

Common questions

Is the Boyd Gaming Corp CEO selling stock?

Yes. Keith Smith sold 100K shares ($8.6M) in the past 12 months, none of it under a trading plan disclosed in the filings.

Why are Boyd Gaming Corp insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 0% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 100% had no disclosed plan. A trading plan schedules sales in advance.

Are any Boyd Gaming Corp insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

The evidence

Who sold7 officers and directors: amount, % of holdings, trading plan
Who soldAmount% of holdingsTrading plan
Keith Smith
President and CEO, Director
$8.6M
100K shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
Marianne Johnson
Director
$8.4M
100K shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
William Boyd
Director
$4.2M
50K shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
Josh Hirsberg
CFO & Treasurer
$3.2M
37K shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
Stephen Thompson
Chief Administrative Officer
$1.6M
20K shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
Uri Clinton
Chief Legal Off. & Secretary
$304K
3.5K shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
Christine Spadafor
Director
$100K
1.2K shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
The full ownership picture0 of 17 officers and directors confirmed

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

InsiderHeld Oct 16, 2025SoldHeld Oct 16, 2026Still held
Marianne Johnson
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for Marianne Johnson are complete.
Director
n/a−100Kn/an/a
Vesting, gifts, unvested awards and holding lines for Marianne Johnson

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Marianne Johnson are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
−34Kwithheld by the company for taxes
William Boyd
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for William Boyd are complete.
Director
n/a−50Kn/an/a
Vesting, gifts, unvested awards and holding lines for William Boyd

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for William Boyd are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
2,693$19.98Oct 29, 2025$167K
4,784$17.75Nov 8, 2026$307K

Estimate: options held × ($82.00 − strike price), using the most recent insider trade price on Form 4 (Aug 24, 2026), not a market close.

Keith Smith
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Keith Smith are complete.
President and CEO, Director
n/a−100Kn/an/a
Vesting, gifts, unvested awards and holding lines for Keith Smith

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Keith Smith are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
−41Kwithheld by the company for taxes
Josh Hirsberg
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Josh Hirsberg are complete.
CFO & Treasurer
n/a−37Kn/an/a
Vesting, gifts, unvested awards and holding lines for Josh Hirsberg

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Josh Hirsberg are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
−17Kwithheld by the company for taxes
Stephen Thompson
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Stephen Thompson are complete.
Chief Administrative Officer
n/a−20Kn/an/a
Vesting, gifts, unvested awards and holding lines for Stephen Thompson

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Stephen Thompson are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
−13Kwithheld by the company for taxes
Uri Clinton
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Uri Clinton are complete.
Chief Legal Off. & Secretary
n/a−3.5Kn/an/a
Vesting, gifts, unvested awards and holding lines for Uri Clinton

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Uri Clinton are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
−9.5Kwithheld by the company for taxes
Ted Bogich
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Ted Bogich are complete.
Chief Operating Officer
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Ted Bogich

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Ted Bogich are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
John Bailey
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for John Bailey are complete.
Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for John Bailey

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for John Bailey are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Paul Whetsell
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Paul Whetsell are complete.
Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Paul Whetsell

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Paul Whetsell are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Lori Nelson
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Lori Nelson are complete.
SVP, Chief Accounting Officer
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Lori Nelson

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Lori Nelson are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
−743withheld by the company for taxes
Randall Thoman
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Randall Thoman are complete.
Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Randall Thoman

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Randall Thoman are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Howard Shaw III
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Howard Shaw III are complete.
Officer
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Howard Shaw III

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Howard Shaw III are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Christine Spadafor
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Christine Spadafor are complete.
Director
n/a−1.2Kn/an/a
Vesting, gifts, unvested awards and holding lines for Christine Spadafor

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Christine Spadafor are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Steven Schutte
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Steven Schutte are complete.
Officer
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Steven Schutte

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Steven Schutte are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Michael Hartmeier
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Michael Hartmeier are complete.
Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Michael Hartmeier

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Michael Hartmeier are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
George Roeth
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for George Roeth are complete.
Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for George Roeth

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for George Roeth are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Stacia Andersen
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Stacia Andersen are complete.
Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Stacia Andersen

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Stacia Andersen are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Holdings and share of stake for Boyd Gaming Corp are being verified, so no balances, unit counts or percentages are shown. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings.

What explains the selling$26.4M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $26.4M across 310,948 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

No plan disclosed · $26.4M

Sales with no 10b5-1 plan and no tax reference in the filing. $8.6M of it is Keith Smith. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Keith Smith, Jun 3, 2026

Taxes

115,609 shares ($10.0M) were withheld by the company for taxes, which isn't a market sale.

SellerShares soldProceedsUnder a disclosed planShare of totalSales dates
Keith Smith
President and CEO, Director
100K$8.6M0%33%Jun 3, 2026 to Jun 3, 2026
Marianne Johnson
Director
100K$8.4M0%32%May 1, 2026 to Aug 24, 2026
William Boyd
Director
50K$4.2M0%16%Nov 7, 2025 to Feb 18, 2026
Josh Hirsberg
CFO & Treasurer
37K$3.2M0%12%Feb 26, 2026 to Jul 28, 2026
Stephen Thompson
Chief Administrative Officer
20K$1.6M0%6%Feb 27, 2026 to Feb 27, 2026
Uri Clinton
Chief Legal Off. & Secretary
3.5K$304K0%1%Jun 9, 2026 to Jun 9, 2026
Christine Spadafor
Director
1.2K$100K0%0.4%May 13, 2026 to May 13, 2026

Sales by month

MonthSale proceedsDisclosed planTo cover taxesNo plan disclosed
Oct 2025$0$0$0$0
Nov 2025$1.6M$0$0$1.6M
Dec 2025$0$0$0$0
Jan 2026$0$0$0$0
Feb 2026$6.2M$0$0$6.2M
Mar 2026$0$0$0$0
Apr 2026$0$0$0$0
May 2026$8.5M$0$0$8.5M
Jun 2026$8.9M$0$0$8.9M
Jul 2026$1.1M$0$0$1.1M
Aug 2026$984$0$0$984
Sep 2026$0$0$0$0
Oct 2026$0$0$0$0
Is this normal? Selling year by year5 earlier years to compare with

Less than usual: about a third of the 5-year average. 7 insiders sold; the average is 8 a year.

12 months endingShares soldInsiders who soldProceeds
Oct 16, 2026
Latest 12 months
311K7$26.4M
Oct 16, 2025
1 year earlier
775K8$61.4M
Oct 16, 2024
2 years earlier
1.16M9$73.6M
Oct 17, 2023
3 years earlier
2.03M8$130M
Oct 17, 2022
4 years earlier
351K6$20.8M
Oct 17, 2021
5 years earlier
1.08M8$52.5M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty17 officers and directors not confirmed

Holdings and share of stake are being verified. Balances, unit counts and every share-of-stake figure for Boyd Gaming Corp are held back until that check is finished. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings and are complete.

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology1,300 filings on record, 37 filed in the 12-month period, and how we read them

All 1,300 Forms 3, 4 and 5 on record for Boyd Gaming Corp (SEC CIK 906553), filed from Aug 6, 2003 to Aug 26, 2026; 37 of them were filed in the 12 months this page covers, retrieved from SEC EDGAR on Oct 16, 2026. Prices are the ones reported in each filing, often weighted averages. 1 filing was left out because Boyd Gaming Corp filed them as an owner of another company's stock.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (20)No filing in 18 months; last reported balances, not in any total
NameLast filedLast reported balance
Peter ThomasMay 13, 202432,216 shares, last reported balance as of May 9, 2024
William BoydMar 15, 202435,544,493 shares, last reported balance as of Mar 14, 2024
Veronica WilsonMar 9, 202210,521 shares, last reported balance as of Mar 7, 2022
Anthony McDuffieMar 2, 202222,906 shares, last reported balance as of Feb 28, 2022
Robert BoughnerMay 21, 2021356,559 shares, last reported balance as of May 6, 2021
Brian LarsonNov 12, 201936,783 shares, last reported balance as of Nov 11, 2019
Richard FlahertyApr 15, 201912,000 shares, last reported balance as of Dec 10, 2014
Billy McCoyApr 17, 201510,001 shares, last reported balance as of Dec 11, 2014
Thomas GirardiApr 28, 2014148,595 shares, last reported balance as of Feb 23, 2005
Paul ChakmakJan 6, 2014298,402 shares, last reported balance as of Nov 7, 2013
Frederick SchwabMay 20, 201310,183 shares, last reported balance as of Feb 24, 2012
Ellie BowdishDec 9, 201111,385 shares, last reported balance as of Dec 7, 2011
Jeffrey SantoroNov 6, 20085,260 shares, last reported balance as of Nov 4, 2008
Luther Mack Jr.May 19, 20081,323 shares, last reported balance as of Feb 25, 2005
Michael MaffieMay 19, 20083,000 shares, last reported balance as of Jun 8, 2005
Gage ParrishNov 9, 20071,000 shares, last reported balance as of Apr 17, 2006
Michael GaughanSep 7, 2006No balance on record
Ellis LandauMay 1, 2006200,000 shares, last reported balance as of Apr 27, 2006
Perry WhittMar 7, 2005375,000 shares, last reported balance as of Mar 3, 2005
Donald SnyderFeb 15, 200554,485 shares, last reported balance as of Feb 11, 2005

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