Little-known Butler now a licensee in Kansas

Mar 31, 2009 5:04 PM
Earnings by Ray Poirier |

It can hardly be considered a gaming company but Butler National Corporation (BUKS) has the distinction of being the only gaming license holder in the state of Kansas.

While other better-known companies either failed in their bids for licenses or couldn’t come up with the financing after winning a bid, Butler National won the bid to build and operate a casino in famed Dodge City. A small casino to be sure but at least it is now a work in progress.

So far, Butler National has been involved in aerospace and defense work with no gaming experience. Still, all the state’s major politicians turned out in December for a groundbreaking event. At the end of this calendar year, the company hopes to have its facility up and running with 575 slot machines and 10 table games. Full development will mean 875 slots, 20 table games and a 124-room hotel.

Such revenues should make quite a difference to the company that last week reported third quarter revenues of $4.5 million and net income of $278,000 or about one penny per share.

Lightly-traded shares closed Friday at $0.18 each.