Increases Total Commitment to Approximately 3,300 Placements of Electronic Gaming Machines on Participation Model Across the Asian Gaming Market
Elixir Gaming Technologies, Inc. (AMEX:EGT) (“Elixir Gaming”) announced today that Elixir Group Limited (“Elixir Group”) has delivered agreements for the placement of a further 400 slot machines on a participation basis at the following properties:
* 200 at the Paco Park Oasis Hotel in Manila, Philippines; and,
* 200 at the Macau Club in Phnom Phen, Cambodia.
The recently refurbished Paco Park Oasis Hotel is located beside Manila's historic Paco Park, close to the popular Malate shopping, bar and restaurant district in the heart of the Philippine capital of metro Manila. The Macau Club is located in the capital city of Cambodia, Phnom Penh, the largest, most populous city in Cambodia that enjoys a significant global and domestic tourist industry and serves as the country’s commercial, political and cultural hub.
Elixir Gaming will have 100% of the gaming machine floor in both venues and receive no less than 20% of the net gaming win from the machines. Both gaming facilities are scheduled to open in Q1 2008. Reflecting these agreements, Elixir Gaming now has total commitments for 3,294 electronic gaming machines to be placed on a long-term participation basis, which exceeds the Company’s previously provided 2008 year-end target of 3,000 devices.
Gordon Yuen, Executive Chairman and CEO of Elixir Gaming, commented, “The addition of these two new facilities is consistent with our demonstrated model of securing long-term placements of electronic gaming machines on a recurring revenue basis at some of the most attractive locations in the fastest growing areas of the Asia-Pacific region. With agreements for the placement of 400 additional machines in the Philippines and Cambodia, we have surpassed our initial 2008 year-end guidance of 3,000 units in a matter of a few months. Within this short period Elixir Gaming has clearly established itself as the largest buyer of gaming machines -- outside of Macau -- throughout Asia.”
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 the Melco Group. Elixir Gaming delivers cutting-edge and market-competitive technology. Its products include table devices, such as the automated card verification machine, computer-based card shuffling system, and high-frequency RFID-gaming chips and plaques. Elixir Gaming products are distributed by Elixir Group in Asia and Suzo Happ in the America’s and Europe.
Elixir Gaming has expanded its business model by entering the highly lucrative gaming machine participation business. The company has established a strategic presence in Asia Pacific with its participation contracts in Philippines, Cambodia, Vietnam and other Asian markets.
In addition, Elixir Gaming boasts the capability of efficiently and quickly responding to the stringent and specific technical requirements of customers, in collaboration with Elixir Group’s ICT, manufacturing and research and development teams. These services optimize the security, productivity and profitability within the gaming establishments. For more information please visit www.elixirgaming.com.
About Elixir Group Limited
Elixir Group is an important strategic component of Melco’s gaming and leisure entertainment focus. Elixir Group holds the distinction of being a “home-grown” brand: a full-fledged games manufacturer based in Asia – designing, developing and supplying gaming machines and non-gaming information communications technology (surveillance, LEDs, ATMs) solutions for the Asian market.
With gaming and research development centres in Macau, China 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 has consistently delivered exciting solutions, expert sales advice and professional gaming support. Elixir Group 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 has also secured several strategic agreements in the provision of gaming IT infrastructure for various gaming concession holders in Macau.
Reflecting its intention to further strengthen its leading position in Asia’s gaming technology industry, Elixir Group has become the major shareholder of Elixir Gaming Technologies, Inc.
Forward Looking Statements
This press release report contains forward-looking statements concerning Elixir Gaming Technologies and Elixir 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 and Elixir Group, including the recurring revenue that may develop from the relationship with Elixir Group, 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 or at all 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.