OLATHE, Kan.,
June 30 /PRNewswire-FirstCall/ -- Butler National
Corporation (OTC Bulletin Board: BUKS) and its wholly-owned subsidiary, Butler
National Service Corporation, a recognized provider of professional management
services in the gaming industry, announce the Kansas Supreme Court ruling
affirming the constitutionality of the Kansas Expanded Lottery Act. (KELA)
The Court, in a 22-page unanimous opinion, ruled that "while the state is
not the exclusive owner and operator of all aspects of the lottery enterprise
under KELA, the state owns and operates the enterprise itself and owns and
operates key elements of the lottery," thus complying with 1986 constitutional
amendments.
The Court also ruled that several key provisions in KELA bring the act
into compliance with the 1986 amendments, which is the legislation authorizing
horse and dog racing and the state-owned and operated lottery. "The payment of
gaming revenues directly to the state, the ownership by the state of software
licenses, the central monitoring of electronic games, and the authority to
enter into management contracts and to supervise the managers constitute
substantial indicia of ownership by the state and concomitant operation," the
Court ruled.
Clark D. Stewart, President and CEO of Butler National said, "This is
another significant advancement toward the ultimate step of developing tourism
and economic benefits to Kansas through the destination casino facilities.
The Court's decision reinforces the will of the people of Kansas."
Butler National is proposing to manage the Boot Hill Casino and Resort, a
destination casino and resort located in Dodge City within the Southwest
Gaming Zone. Butler National plans to present its proposal to the Lottery
Gaming Facility Review Board in Dodge City on July 31, 2008. The Management
Contract does not become effective until approved by the Lottery Gaming
Facility Review Board and the Kansas Racing and Gaming Commission. If
selected by the Review Board, the approval may be completed between October
and December 2008.
The Boot Hill Casino and Resort plan includes 800 slot machines, 20 table
games, a 124-room luxury hotel, a spa, an Olympic size swimming pool,
restaurants, and a 500-seat conference center/entertainment venue implemented
in a phased approach. The estimated project cost is $92.9 million.
"With the State Supreme Court ruling, we are confident Butler National
Service Corporation is the best applicant to manage a destination casino known
as the Boot Hill Casino and Resort in the Southwest Gaming Zone. We believe
Butler National is positioned to be the applicant selected by the Lottery
Gaming Facility Review Board," concluded Mr. Stewart.
Our Business:
About Butler National Corporation
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:
There is no assurance that Butler National will be awarded a contract to
manage a state-owned facility for Kansas. Senate Bill 66 provides for a
fairly complex applicant review and selection process. Butler National plans
to use its best efforts to acquire rights to manage a gaming facility on
behalf of the State of Kansas.
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.
Reference Information:
The Lottery Commission forwarded ten signed contracts of developers
seeking to become lottery gaming facility managers in Kansas to the Lottery
Gaming Facility Review Board. Information about the contracts approved by the
Lottery Commission is available on the Kansas Lottery internet site under the
respective gaming zones at www.kslottery.net.
FOR MORE INFORMATION CONTACT:
Craig Stewart, Investor Relations Phone (214) 498-7775
Butler National Corporation
19920 W. 161st Street
Olathe, KS 66062
Jim Drewitz, Public Relations Phone (830) 669-2466
Creative Options Communications
jim@jdcreativeoptions.com
For more information, please visit the Company web site:
www.butlernational.com
Print This Page
Email This Page
Archives
Copyright Permissions
