Elixir Gaming Technologies Provides Market Update

Reports 5,530 Machines Contracted for Placement on a Revenue Sharing Basis Casablanca Casino Surpasses US$125 Net Win Per Day Target

Las Vegas, NV & Macau – January 22, 2008 - Elixir Gaming Technologies, Inc. (AMEX:EGT) (“Elixir Gaming” or “the Company”) today announced that the Company’s contract base of electronic gaming machines has risen to 5,530 units. The units are to be installed across 33 venues, with 2,400 contracted at 12 venues in the Philippines, 2,230 contracted at 17 venues in Cambodia, 400 at 2 venues in Vietnam and 500 aboard 2 cruise ships.
As with all of the Company’s agreements to date, Elixir Gaming has 100% of the gaming machine floor at each of the 33 venues contracted to-date and receives no less than 20% of the net gaming win from each machine.

Elixir’s first property to open, Casablanca Casino, located within the Clark Field Special Economic Zone in the Philippines, recently surpassed management’s targeted annual average net win per day of US$125 and has sustained this average daily win for one month. Casablanca Casino is achieving the better than targeted net win per day following a planned reconfiguration of the slot floor.

Gordon Yuen, Executive Chairman and CEO of Elixir Gaming, commented, “Our current contract base of 5,530 gaming devices, diversified across 33 venues is a clear indication of our sustained efforts to deliver contracts. We believe that the electronic gaming machine contract base will continue to increase at a steady pace and that installation of the units under contract will continue to increase by an average of approximately 1,000 units on a quarterly basis throughout 2008.”

Joe Pisano, Executive Director and Senior VP of Elixir Gaming, added, "We are making excellent progress towards achieving our internal target of having an installed base in excess of 2,500 gaming machines by late March/early April 2008. Importantly, at the same time Elixir Gaming’s contracted pipeline continues to steadily grow along with the average daily net win at the venues currently in operation.”

About Elixir Gaming Technologies, Inc

Elixir Gaming Technologies Inc. (“Elixir Gaming”) is a member of Elixir Group, an innovator of gaming technology solutions and a wholly owned subsidiary of Melco International Development Limited. Elixir Gaming, in collaboration with Elixir International (which is also a member of Elixir Group), secures long-term contracts to provide comprehensive turn-key solutions to 3, 4 and 5 star hotels, cruise ships and other well-located venues throughout Asia that seek to offer casino gaming products. Elixir International assists the venue and venue owner with the licensing and regulatory process, physical casino design, construction management, slot and game floor design layout purchases the gaming machines and systems from the industry’s leading gaming equipment suppliers and installs the gaming machines and systems such that the casino is delivered in a fully operational state. Elixir Gaming retains ownership of the gaming machines and systems and receives recurring daily fee of at least 20% 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 participation contracts in the Philippines, Cambodia, Vietnam and other Asian markets. For more information please visit www.elixirgaming.com.

About Elixir Group

Elixir Group is an important strategic component of Melco International Development Limited’s gaming and leisure entertainment focus. Elixir Group holds the distinction of being a “home-grown” brand: a full-fledged game manufacturer based in Asia – designing, developing and supplying gaming machines and technology solutions (surveillance, LEDs, ATMs) for the Asian market. With gaming research and development centers in Macau and the Philippines, proximity to key growth markets provides Elixir Group with competitive advantages. As a pioneer in the competitive Asian gaming market, Elixir Group, through its wholly-owned subsidiary, Elixir International, has consistently delivered exciting solutions, expert sales advice and professional gaming support. Elixir International has forged alliances with leading gaming and technology companies and by accessing its partners’ manufacturing capabilities is able to focus entirely on innovative product design and customer service. Elixir International has also secured several strategic agreements in the provision of gaming technology infrastructure for various gaming concession holders in Macau.

Forward Looking Statements

This press release report contains forward-looking statements concerning Elixir Gaming Technologies, Elixir Group and Elixir International 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 relationship between Elixir Gaming Technologies, Elixir Group and Elixir International, including the recurring revenue that may develop from the relationship with Elixir Group and/or Elixir International, and the Company’s expectations for future product revenue. 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 Group’s inability to place gaming machines at significant levels and risks relating to Elixir Group's ability to place games that generate the expected amount of net-win. Elixir Gaming Technologies cautions readers not to place undue reliance on any forward-looking statements. Elixir Gaming Technologies does not undertake, and specifically disclaims any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.

CONTACT:
Richard Land, Dave Jacoby
Jaffoni & Collins Incorporated
212/835-8500; egt@jcir.com       

<< Back to Listing

Asia’s GEM
Gaming & Entertainment
plus Leisure Expo Manila
April 2 & 3, 2009
SMX Convention Center,
Seashell Drive, Mall of Asia Complex, Pasay City, Philippines

» Elixir Gaming Technologies Provide Update on Venue Improvement Initiatives and Reports Third Quarter 2008 Results (11/13/2008)

» Elixir Gaming Technologies Improves Balance Sheet and Liquidity through Multi-faceted Agreements with Elixir Group (11/06/2008)

» Elixir Gaming Management to Participate in 2008 Gaming Investment Forum Held in Conjunction with G2E Show (10/22/2008)

» Elixir Gaming Technologies to Report Third Quarter Results on November 13 and Host Conference Call and Webcast (10/21/2008)

» Elixir Gaming Technologies to Present at Noble Financial Equity “M.A.D. MAX” Conference on Monday, August 18 at 12:30 p.m. PDT (08/14/2008)

» Elixir Gaming Technologies Reports Second Quarter 2008 Results (08/13/2008)

» Elixir Gaming Technologies to Report Second Quarter Results on August 13 and Host Conference Call and Webcast (08/06/2008)

» Elixir Gaming provides update on Business Optimization Plan(07/07/2008)

» Elixir Gaming Technologies to Host Asian Gaming Market Tour(05/14/2008)

» Elixir Gaming Technologies Reports First Quarter 2008 Financial Results(05/13/2008)

» Elixir Gaming Technologies names Traci Mangini Senior Vice President for Corporate Finance(05/12/2008)

» Elixir Gaming Technologies to Report First Quarter Results on May 13 and Host Conference Call and Webcast(05/06/2008)

» Elixir Gaming Technologies Secures Trade Facility with Elixir International(04/21/2008)

» Elixir Gaming Technologies Further Solidifies Executive Team With New Hirings(03/26/2008)

» Elixir Gaming Technologies to Host Market Update Conference Call and Webcast on Monday, February 25(02/22/2008)

» Leading Asian gaming companies enter into coop agreement 22Feb08(02/22/2008)

» Elixir Gaming to Present at Roth Capital Partners 20th Annual Growth Stock Conference(02/13/2008)

» Elixir Gaming Wins Summary Judgment on all Claims in Shuffle Master Patent Litigation (02/4/2008)

» Elixir Gaming Technologies Provides Market Update(01/22/2008)

» View Archived Press Releases