# Butler National

Butler National is an Asset Manager based in Olathe, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Olathe, United States
- **Region:** North America
- **Address:** Olathe, KS, United States
- **Founded:** 1969
- **Assets under management:** Undisclosed
- **Website:** butlernational.com
- **LinkedIn:** https://www.linkedin.com/company/butler-national-corporation

## Regulatory record

- **Reports private funds:** No

## About

Founded in 1969, Butler National originated as an aircraft modification and support services company. Under the leadership of CEO Christopher Reedy and President David Hayden, the firm operates across two reportable segments that share little operational overlap. The Professional Services division provides specialized electronic systems, monitoring, and engineering support primarily for defense, homeland security, and general aviation aircraft — a stable set of long-term contracts that form the firm's technical backbone. The Gaming segment generates the majority of revenue and operates Boot Hill Casino & Resort in Dodge City, Kansas, under a management contract with the Kansas Lottery. Butler National also developed and manages tribal casino assets in Oklahoma, representing a geographic concentration in gaming markets underserved by larger national operators. The dual-structure model is unusual: few firms simultaneously hold FAA certification for aircraft work and maintain state-regulated gaming licenses across multiple jurisdictions. The company has grown revenue to approximately $70 million annually (per public filings), though it remains below institutional coverage thresholds with a micro-cap equity valuation. The firm's Tempe, Arizona office houses a portion of the avionics and engineering workforce, while operations staff are distributed across Kansas and Oklahoma casino properties. Unlike private family capital allocators that fly below regulatory radar, Butler National reports quarterly as a public entity, providing an unobstructed view into a niche conglomerate structure. Butler National's structural differentiator lies in a rare pairing of FAA-certified defense contracting with state-regulated casino operations — a combination that typically would not coexist under a single corporate entity due to conflicting regulatory regimes. The firm's market cap and public reporting requirements make it an anomaly among both aerospace suppliers and gaming operators, where private ownership or larger-scale consolidation is the norm.

## Sectors

- Aerospace & Defense
- Gaming & Hospitality

## Offices

- Tempe, AZ
- New Century, KS

## People

- Christopher J. Reedy — Chief Executive Officer
- David B. Hayden — President

## Questions

### What are Butler National's two main business segments?

The company operates Professional Services, which provides aircraft electronics, monitoring systems, and engineering support for defense and general aviation, and Gaming, which manages Boot Hill Casino & Resort in Dodge City under a Kansas Lottery contract and maintains tribal casino interests in Oklahoma. The segments operate independently with no operational overlap, an uncommon structure for a public company of its size.

### Who currently leads investment and operational decisions at Butler National?

Christopher J. Reedy serves as Chief Executive Officer and has led the firm since his appointment in 2009. David B. Hayden holds the role of President. As a publicly traded company, strategic decisions are governed by a board of directors alongside executive leadership, rather than a family-office principal structure.

### How does the Boot Hill Casino management contract work?

Butler National operates Boot Hill Casino & Resort under a management agreement with the Kansas Lottery, which holds the state gaming license. The firm receives a percentage of gross gaming revenue as a management fee. In July 2022, the contract was extended through December 2032 (per the firm), providing long-term visible cash flow from the asset.

### What is the known posture on acquisitions or new market entries?

Historically, Butler National has expanded through development of new casino assets and opportunistic aviation service contracts rather than large-scale M&A. The firm developed tribal gaming operations and pursued state-regulated market entry in Kansas as opportunities arose from regulatory openings rather than competitive auctions.

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Last updated: 2026-06-03T20:00:00.000Z

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