Butler National Service Corporation (BNSC) has purchased the remaining shares in the Boot Hill Casino & Resort in Kansas, US, making it the sole owner of the casino complex.
BNSC purchased the 2,000 Class A preferred membership units from BHC Investment Company for approximately US$16.4m including an allocation for taxes, making BNSC the sole owner of BHCMC, the company that manages the casino resort.
The acquisition was funded by company assets and US$8m 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.”