Elixir Gaming Provides Update on Ramp of Operations in the Philippine Market

- Progress on Plan for Installation of Units at Two Venues and Secures
Agreement for Placement of 150 Units at New Venue -

Hong Kong – June 29, 2009 - Elixir Gaming Technologies, Inc. (NYSE Amex: EGT) (“Elixir Gaming” or “the Company”), a provider of gaming technology solutions to the Pan-Asian gaming industry, today provided an update on the expansion of its electronic gaming machine operations in the Philippines market.  Elixir Gaming is progressing on its plan to place approximately 200 units at two venues in the Philippines with 100 devices now installed at one venue and 95 additional units scheduled to be installed within the next thirty days.  In addition, Elixir Gaming recently secured an agreement whereby the Company will install 150 electronic gaming units at a new venue in August.  All of the Company’s electronic gaming units are placed on a revenue share basis. 

Elixir Gaming recently installed 100 units at a new venue located in a tourist-centric area of Manila and will install an additional 50 units in this facility in July.  In addition, the Company will install 45 units at an existing venue in Las Pinas, a popular commercial and suburban district located approximately twenty minutes from Manila, in July.  Elixir Gaming’s placements at this facility will account for approximately one-third of the slot floor.

In August, Elixir Gaming will begin to operate in its eighth venue in the Philippines as the Company recently entered into an agreement to place 150 electronic gaming units at a new venue located near the Clark Special Economic Zone, in the province of Pampanga.

Clarence Chung, Chairman and Chief Executive Officer of the Company, commented, “With these installations, our agreement for further placements at a new site in August, and an attractive pipeline of potential future venue projects, Elixir Gaming continues to make steady progress in executing against our expansion plans for the Philippines market.  With 100 new units recently installed at a new venue and approximately 250 additional new units scheduled to be installed over the next few months across three venues, we remain on schedule with our previous expectations for adding approximately 400 machines in three to four new venues by the end of 2009. 

“The three new venues at which we are adding units this summer are all attractively located in areas that generate consistent foot traffic, which we believe will benefit the performance of our operations.  Notably, the build out of our installed base in the Philippines requires minimal capital expenditures, as these new machine installations will be sourced predominantly from our existing inventory.  The progress we are making in ramping our Philippines operations provides further evidence of our ability to consistently execute against our strategic growth initiatives.”

As of March 31, 2009, the Company had a total of six venues in operation, comprised of five venues in the Philippines with a total of 831 installed units and 1 venue in Cambodia with a total of 237 installed units.

About Elixir Gaming Technologies, Inc.
Elixir Gaming Technologies, Inc. (NYSE Amex: EGT) is a provider of gaming technology solutions.  The Company secures long-term contracts to provide comprehensive turn-key solutions to 3, 4, and 5 star hotels and other well-located venues in Asia that seek to offer casino gaming products.  The Company retains ownership of the gaming machines and systems and receives recurring daily fees based on an agreed upon percentage of the net gaming win per machine and provides on-site maintenance.  The Company has established a strategic presence in the Asia Pacific region with a focus on the Philippines and Cambodia markets.  For more information please visit www.elixirgaming.com.

Forward Looking Statements
This press release contains forward-looking statements concerning Elixir Gaming within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Those forward-looking statements include statements regarding expectations for the business of Elixir Gaming, its working capital requirements and future revenue and profitability.  Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements.  Factors that could cause or contribute to differences include, but are not limited to, risks related to Elixir Gaming’s inability to place gaming machines at significant levels, whether the gaming machines placed generate the expected amount of net win, the ability of Elixir Gaming to acquire additional capital as and when needed, the ability of Elixir Gaming to collect revenue and protect its assets and those other risks set forth in Elixir Gaming’s annual report on Form 10-K for the year ended December 31, 2008 filed with the SEC on March 30, 2009 and our Form 10-Q for the three-months ended March 31, 2009 filed on May 15, 2009.  Elixir Gaming cautions readers not to place undue reliance on any forward-looking statements.  Elixir Gaming does not undertake, and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur. 

CONTACTS

Traci Mangini, SVP Corporate Finance
312/ 867-0848