Wednesday, August 13, 2008

Elixir Gaming Technologies Reports Second Quarter 2008 Results

- Optimization Initiatives Generating Win Per Day Improvements - - All Contract Renegotiations for Cambodian Facilities Complete Resulting in Higher Revenue Share per Venue - - Reviews Recent Management Re-Alignment -


Recent Operating Highlights:
-- A total of 14 venues and 1,262 installed units currently in operation comprised of 5 venues in the Philippines with a total of 663 installed units, 9 venues in Cambodia with a total of 599 installed units.

-- Optimization initiatives effected in the 2008 second quarter are leading to growth in win per day per device with reported average win per day per device. Average net win for the month of July was $51 ($47 for the Philippines and $56 for Cambodia), up from $33 in June and $29 for the second quarter. This represents increases of 55% and 76%, respectively. Total net revenue for the month of July was $388,821, an increase of 36% from $284,170 in June.
-- Contract renegotiations for 9 Cambodian venues completed over the past several months resulting in a higher average revenue share percentage to Elixir Gaming.
Gordon Yuen, CEO of Elixir Gaming, commented, "With gaming machines now in operation throughout 14 venues on a revenue share basis in the Asia-Pacific region, Elixir Gaming's primary focus is on driving continued improvements in the net win per day per machine as this will increase our return on investment in each of our markets. We are already achieving notable growth across many venues since initiating the operational improvement plan in the second quarter and we remain confident in the long-term effectiveness of this strategy.
"Our venue operating improvement plans are comprehensive and highlight the strength of our customer relationships. In addition to slot floor reconfigurations and changes to the game mix we are providing additional services and technical support at each venue. With recently renegotiated contracts for 9 Cambodian venues, Elixir Gaming is generating substantially higher revenue share on the net win per machine at these properties compared with levels based on the initial agreements in this market. These initiatives are helping to drive cash flow improvements."

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