News

Butler National Acquires All Equity Interest of Boot Hill Casino Manager

OLATHE, KANSAS, October 20, 2021, – Butler National Corporation (OTCQB: BUKS) a recognized provider of professional management services in the gaming industry, announces its subsidiary, Butler National Service Corporation (BNSC) closed on the purchase of the minority equity ownership interest in BHCMC, LLC, (BHCMC) that results in BNSC being the sole owner of BHCMC, manager of the Boot Hill Casino & Resort.

BNSC purchased the 2,000 Class A Preferred Membership Units from BHC Investment Company, LC for approximately $16.4 million including an allocation for taxes. The Sale and Purchase of the Preferred Units in BHCMC, LLC makes BNSC the sole owner/member of BHCMC.

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Butler National Lease Buy-Out Debt Transaction Completed

Butler National subsidiary BHCMC, LLC acquires Boot Hill Casino Real Estate with a $42 Million Debt Transaction

OLATHE, KANSAS, December 22, 2020, – Butler National Corporation (OTCQB: BUKS) a recognized provider of professional management services in the gaming industry, announces the completion of the acquisition of the Boot Hill and Resort Casino land and building by the exercise of its lease buy-out option.

BHCMC, LLC completed a $42 Million debt transaction to exercise an option to acquire the casino land and building for $41.25 million from BHC Development, L.C. The transaction consisted of two bank loans with Academy Bank, N.A. One note for $35 million collateralized by real estate in Dodge City with an interest rate of 5.25% payable over seven years with an initial twenty-year amortization and a balloon payment of approximately $19.25 million at the end of seven years. The second note for $7 million collateralized by real estate in Dodge City with an interest rate of 5.75% payable in full over five years. The balance of the two loans was used to pay financing related expenses and attorney fees.

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Butler National Casino Management Contract 15-Year Renewal Approved

Kansas Lottery Signs Agreement for Amendment and Renewal of Lottery Gaming Facility Management Contract with Butler National Service Corporation and BHCMC for 15-Year Extension

Olathe, Kansas – Butler National Corporation (OTCQB: BUKS) a recognized provider of professional management services in the gaming industry, announces the Kansas Lottery has entered into a Renewal Agreement for the Lottery Gaming Facility Management Contract for the Boot Hill Casino with subsidiaries Butler National Service Corporation and BHCMC, LLC that includes a 15-year extension following the term of the current Management Contract. The new contract benefits the State of Kansas, Southwest Kansas and Butler National.

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BNSC Exercises Purchase Option at the Boot Hill Casino & Resort

Olathe, Kansas – Butler National Corporation ($BUKS), a leading manufacturer and provider of support systems for commercial and military aircraft and a recognized provider of management services in diverse business groups including the gaming industry, announces that its subsidiary, Butler National Service Corporation (“BNSC”), delivered notice of the exercise of its option to purchase the building and related land in Dodge City, Kansas at the Boot Hill Casino & Resort.

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Agreement Reached with Bally Gaming

Olathe, Kansas – Butler National Corporation ($BUKS) has reached an agreement with Bally Gaming, Inc. regarding Bally’s outstanding judgment.

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$1.423 Million Jury Verdict Against Bally Gaming Announced

Olathe, Kansas – Butler National Corporation ($BUKS) (the “Company”) has been awarded total damages of $1,423,542 in litigation against Bally Gaming, Inc. based upon Bally’s negligent misrepresentations in selling a casino management computer system.

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