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Butler National looking for money

DODGE CITY, Kansas -- As reported by the Dodge City Daily Globe: "Butler National Service Corp. is seeking additional cash for its proposed casino in Dodge City — and it needs the money before next month.

"The Olathe-based company needs an equity partner to help meet a state requirement that the casino developer must have sufficient financial resources to underwrite the project, the Kansas City Star reported on Monday.

"Butler President and CEO Clark Stewart discussed the situation with industry analysts and investors during a conference call on Monday. A Daily Globe reporter monitored the call, which was linked to the company's Web site, butlernational.com, on Wednesday.

"Stewart said during the conference call that the company already has a loan commitment for $20 million, which hinges on Butler's selection as the casino developer.

"But he said the state would like Butler to have an additional $20 million to $30 million on hand now, plus an additional $60 million — in the form of a certificate of deposit or a bond that would mature in a couple of years — to finance the second phase of the project..."

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