BHCMC LLC
DraftKings Announces Mobile Sports Betting Deal with Boot Hill Casino
DraftKings Inc. has announced a new mobile sports betting deal with BHCMC LLC, a subsidiary of Butler National Corporation, manager of Boot Hill Casino & Resort, which could take the sportsbook to the state of Kansas. This is subject to sports betting legislation and regulations being adopted in the state, and the receipt of all applicable licenses and approvals.
“As we continue our quest to expand our mobile sportsbook footprint to every state in the US, we are eager to begin working with Boot Hill Casino & Resort. We look forward to the opportunities that lay ahead and remain optimistic that Kansas lawmakers will enact common sense legislation that will benefit the state and its constituents,” Jeremy Elbaum, Senior Vice President of Business Development at DraftKings, said.
Currently, DraftKings has a plethora of both sports wagering options and online casino games that spans 18 states and offers customers with the chance to participate in its newest loyalty rewards program. In addition to its millions of daily fantasy sports contests offered every year, DraftKings Marketplace launched in August and offers sports and entertainment fans mainstream accessibility to collect NFTs from some of the world’s greatest athletes and Hollywood’s biggest blockbusters.
“As manager for Boot Hill Casino & Resort for the Kansas Lottery, we are pleased to work with DraftKings to bring first in class mobile sportsbook to Kansas. DraftKings is a leader in this fast growing industry and will bring a trusted, experienced mobile sports betting application to sports fans in Kansas, when the law allows,” Clark Stewart, Chief Executive Officer of Boot Hill Casino & Resort, said.
Butler National Corporation, a recognized provider of professional management services in the gaming industry, announces its subsidiary, Butler National Service Corporation (BNSC) closed on the purchase of the minority equity ownership interest in BHCMC, LLC, (BHCMC) that results in BNSC being the sole owner of BHCMC, manager of the Boot Hill Casino & Resort.
BNSC purchased the 2000 Class A Preferred Membership Units from BHC Investment Company, LC for approximately $16.4 million including an allocation for taxes. The Sale and Purchase of the Preferred Units in BHCMC, LLC makes BNSC the sole owner/member of BHCMC.
The purchase of the BHC Investment Company, LC interest was funded from company funds and $8.0 million of commercial bank debt. The purchase transaction was approved by Kansas Racing and Gaming Commission on October 15, 2021, with an effective date for the ownership transfer of August 1, 2021 and a closing date of October 18, 2021.
The ownership of 100% of the equity combined with the December 2020 Building and Land purchase provide significant long-term benefits for BHCMC and BNSC. These strategic transactions allow BHCMC to continue to grow with future development opportunities. This equity purchase provides a clear path forward to achieve the mutual goals of BHCMC, BNSC, and the State of Kansas and ultimately benefit the shareholders of Butler National Corporation.
“We have worked diligently to reach our goal of owning all the equity of the Boot Hill Casino manager, BHCMC. 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,” Clark Stewart, President and CEO of Butler National said.
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