OLATHE, Kan., Sept. 29 /PRNewswire-FirstCall/ -- Butler National
Corporation (OTC Bulletin Board: BUKS) a recognized provider of professional
management services in the gaming industry, proudly announces its wholly-owned
subsidiary Butler National Service Corporation has been named developer and
manager of the Southwest Gaming Zone located in Dodge City, Kansas.
(Photo: http://www.newscom.com/cgi-bin/prnh/20080929/CLM069 )
The new Boot Hill Casino and Resort will be designed to enhance and
re-create the world famous 1870-1880's experience at the historic Boot Hill
destination in Dodge City, Kansas. Estimates by a State of Kansas research
study of casino revenue in the Dodge City destination market, range from $40
million to $60 million per year. Phase I of the development will require an
investment of approximately $45 million and will open in September 2009.
Phase II of the development is planned to be complete in 38 months from the
final approval of the contract and will cost an additional $42.5 million for a
total of approximately $87.5 million. Projected EBITDA (Earnings Before
Interest, Taxes, Depreciation, and Amortization) of the development range from
$9.4 million in the first full year of operation to $21.7 million in year
five. We expect both revenues and earnings to continue to increase with the
economic conditions throughout the 15 year contract. The Boot Hill Casino and
Resort will be a significant economic stimulus for Dodge City, Southwest
Kansas, and the entire State of Kansas.
Clark Stewart, President and CEO of Butler National said, "We are
extremely pleased with the decision of the Kansas Lottery Gaming Facility
Review Board. We have felt from day one we had the best concept, best design
and best business plan for tourism, gaming and economic development for a
destination casino in Western Kansas. We believed our management proposal
offered the strongest tourist drawing destination facility in the best
interest of all Kansans. The Review Board agreed. The last step in this
process is the background checks by the Kansas Racing and Gaming Commission.
Background checks and finalizing the contract should be completed on or before
December 5, 2008.
"A special thank you to the people of Dodge City and everyone in Western
Kansas for their support of their Boot Hill Casino and Resort proposal. I
want to thank all of our employees for their tireless work and dedication to
the success of this project. Without their commitment and hundreds of hours of
extra work, we could not have been successful. We would also like to thank
the Kansas Racing and Gaming Commission and the Kansas Lottery Gaming Facility
Review Board for their hard work and diligence throughout this difficult
review and selection process.
"I believe the investment of time, effort and money is a real value to the
stockholders of Butler National. With our core businesses and our gaming
operations we are making meaningful progress in all business segments to
return that value to our shareholders."
About Butler National Corp:
Butler National Corporation operates in the Aerospace and Services
business segments. The Aerospace segment focuses on the manufacturing of
support systems for "Classic" commercial and military aircraft including the
Butler National TSD for the Boeing 737 and 747 Classic aircraft, switching
equipment for Boeing/Douglas Aircraft, weapon control systems for Boeing
Helicopter and performance enhancement structural modifications for Learjet,
Cessna, Dassault and Hawker/Beechcraft business aircraft. Services include
electronic monitoring of water pumping stations, temporary employee services,
Indian gaming services and administrative management services.
Forward-Looking Information:
The information set forth above may include "forward-looking" information
as outlined in the Private Securities Litigation Reform Act of 1995. The
Cautionary Statements and Risk Factors, filed by the Company as Exhibit 99 to
the Company's Annual Report on Form 10-K and Section 1A of Form 10-K, are
incorporated herein by reference and investors are specifically referred to
such Cautionary Statements and Risk Factors for discussion of factors, which
could affect the Company's operations, and forward-looking statements
contained herein.
FOR MORE INFORMATION CONTACT:
Craig D. Stewart, Investor Relations
Butler National Corporation
19920 W. 161st Street
Olathe, KS 66062
Public Relations Phone: 214-663-5833
Phone Office: 913-780-9595
Phone Fax: 913-780-5088
Jim Drewitz, Public Relations
jim@jdcreativeoptions.com
Direct Investor Relations
Phone office 830-669-2466
For more information, please visit the Company web site:
www.butlernational.com
SOURCE Butler National Corporation