Butler National acquires remainder of Boot Hill Casino Manager for $16.4m
This means that Butler is now the sole owner of BHCMC, which manages the Boot Hill Casino and Resort in Kansas
As part of the deal, BNSC purchased 2,000 class A preferred membership units from BHC Investment Company for an estimated $16.4m (£11.8m/€14.0m).
The acquisition was funded by company assets and $8.0m of commercial bank debt.
The transaction was approved by the Kansas Racing and Gaming Commission on October 15 2021.
“We have worked diligently to reach our goal of owning all the equity of the Boot Hill Casino manager, BHCMC,” said Clark Stewart, president and CEO of Butler National.
“The sole Butler ownership of BHCMC achieves a significant milestone for all Butler National shareholders. We appreciate the advice, assistance and participation of our business partner, BHC Investment Company, LC. They were essential in the development of the Boot Hill Casino and casino gaming in Kansas.”