Elixir Gaming Provides Update on Business Optimization Plan

- Ongoing Progress at Venues in both the Philippines and Indo China –

Elixir Gaming Technologies, Inc. (AMEX:EGT) (“Elixir Gaming”) reported today ongoing progress with the implementation of business optimization strategies at numerous venues in the Philippines and Indo China. Elixir Gaming’s optimization strategies include the full deployment of slot management systems at all venues, renegotiation of numerous agreements in respect to venues in Indo China to reflect additional services provided by Elixir Gaming, the delivery of additional technical support services and the reconfiguration of select slot floors.

Elixir Gaming also reported today that it continues to see a healthy number of opportunities to enter into contracts for the placement of slot machines on a participation basis at new venues and that the Company is not experiencing any noticeable impact from the current economic environment on gaming demand in the Asian markets it serves. As part of its overall optimization strategy the Company continues to review existing contracts and has cancelled certain agreements to focus on venues which it believes can generate appropriate returns for the Company and venue owners. Elixir Gaming continues to have a strong backlog of contracts for the placement of slot machines. Elixir Gaming will provide a more detailed update of its operations when it reports 2008 second quarter results in mid-August.

Gordon Yuen, CEO of Elixir Gaming, commented, “We are pleased with the progress made to date in the implementation of our optimization strategies and believe that such strategies are proving effective in driving sustainable revenue improvements. To date we have installed slot management systems at three venues in the Philippines and at four venues in Indo China and are addressing the remaining venues at a solid pace. The execution of our business optimization initiatives is a primary focus of our operations going forward into the second half of this year.”

About Elixir Gaming Technologies, Inc.

Elixir Gaming Technologies Inc. (AMEX:EGT) 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 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 a share 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 and in the Indo China region (including Cambodia and Vietnam). For more information please visit www.elixirgaming.com.

Forward Looking Statements

This press release contains forward-looking statements concerning Elixir Gaming, 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, Elixir International, including the recurring revenue that may develop from the relationship with Elixir International, and the Elixir Gaming’s expectations for future 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 International’s inability to place gaming machines at significant levels, risks related to whether the gaming machines placed generate the expected amount of net-win and risks related to the ability of Elixir Gaming to collect revenue and protect its assets and those other risks set forth in the Company’s filings with the Securities and Exchange Commission. 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

Elixir Gaming
Traci Mangini, 702-617-4741
SVP, Corporate Finance
or
Investors:
Jaffoni & Collins Incorporated
Richard Land, Dave Jacoby
212-835-8500
egt {at} jcir(.)com