Elixir Gaming Technologies to Build and Operate Casino Hotel on Cambodia Vietnam Border

m88 elixir Gaming also holds a casino license

in Cambodia and will build and operate Dreamworld Casino and Resort, a

casino hotel in the Takeo Province near the Vietnam border. 2, the highly-trafficked road that

connects Phnom Penh and the major cities in Southern Vietnam, the

property is positioned near a duty free trading zone that houses a large

shopping facility and is within 30 minutes of a famous temple in Vietnam

that attracts over one million visitors annually.

The initial plans for Dreamworld include 150 electronic gaming machine

seats and 20 table games housed on approximately 54,000 square feet

(5,000 square meters) of casino floor space and 50 hotel rooms, all of

which is expected to be completed in the fourth quarter of 2011. In addition, this extension of our gaming

operations provides us the ability to leverage our established presence

and goodwill in this market and increases our long-term control of our

operations.

About Elixir Gaming Technologies, Inc.

Elixir Gaming Technologies, Inc.

Based on the Company’s estimated project timeline, projected cash flows,

and the deferral of principal repayments until July 2011 on its

unsecured promissory note due to Elixir Group, Elixir Gaming anticipates

funding these plans from cash on hand and projected cash flow from

operations.

HONG KONG–(BUSINESS WIRE)–Elixir Gaming Technologies, Inc. (NYSE Amex: EGT) is a leading provider

of electronic gaming machines on a participation basis to the Pan-Asian

gaming industry, with a strategic presence and focus on the Cambodia and

Philippines markets. 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. For more information please visit www.elixirgaming.com.

. (NYSE Amex: EGT) (“Elixir Gaming” or

“the Company”), a leading provider of electronic gaming machines on a

participation basis to the Pan-Asian gaming industry, today announced it

has been granted a casino license by the Cambodian government and plans

to build and operate its own casino hotel in the Takeo Province near the

Vietnam border. Those forward-looking statements include statements regarding

expectations for the business of Elixir Gaming, its working capital

requirements and future revenue and profitability, the project schedule

for its Dreamworld Casino and Resort and Elixir Gaming’s ability to fund

the Dreamworld project. 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.

Capital expenditures for the initial phase, including the land and

construction costs, are estimated to be approximately $8 to $10 million.

Factors that could cause or contribute to differences include, but are

not limited to, risks related to the costs incurred by Elixir Gaming in

defending shareholder litigation and the outcome of any judgment or

settlement with respect to such litigation, Elixir Gaming’s inability to

place gaming machines at significant levels, whether the gaming machines

placed generate the expected amount of net-win, Elixir Gaming’s ability

to successfully execute its plans to build and operate a casino hotel,

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, 2009 filed with the SEC on

March 30, 2010 and subsequently filed quarterly reports on Form 10-Q. Dreamworld will also cater to

players with dual passports in the greater Phnom Penh region, as local

Cambodians are prohibited from gambling in their country. 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. The

Company intends to develop additional phases of the project dependant on

demand and the availability of capital.

Clarence Chung, Chairman and Chief Executive Officer of Elixir Gaming,

commented, “In an effort to better capitalize on the growth

opportunities that exist in our target markets and enhance long-term

returns, we have developed a two-pronged approach to our growth strategy

for our gaming operations as the provider of gaming machines on a

participation basis and as a casino owner and operator in emerging

markets in Pan Asia.

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.

Dreamworld will include a casino and hotel on over seven acres (30,000

square meters) of land. The remaining balance of the consideration for the land is payable

upon completion of the transfer of the title of the land by the relevant

authorities in Cambodia, after which the Company assumes effective

control of the land. In addition to

being located on National Highway No. We intend to leverage our marketing expertise to make

Dreamworld a destination location for the mass market players in the

area.”

Forward Looking Statements

Strategically located within three hours drive of several major cities

in Southern Vietnam with a total estimated population of approximately

17 million people and approximately 125 miles (200 kilometers) south of

the capital city of Phnom Penh, Dreamworld’s primary market will be the

mass market players from Southern Vietnam. The total consideration for the land is $1.76

million, of which a deposit of $850,000 has been paid to secure the

land.

Elixir Gaming cautions readers not to place undue reliance on any

forward-looking statements. This is expected to take place in early August 2010.

“As a border casino, Dreamworld will be strategically positioned to

capitalize on the attractive Southern Vietnam and greater Phnom Penh

feeder markets. The Company secures long-term contracts to provide

electronic gaming machines and related systems to premier hotels and

other well-located gaming venues in Asia. The project, which is named Dreamworld Casino and Resort

(“Dreamworld”), represents an important incremental leg of the Company’s

long-term growth strategy.

“The owner and operator approach allows us the potential for higher

long-term incremental returns on our operations given the ability to

collect 100% of the net win compared to 20-25% as per our existing

participation contracts. Phase one of

Dreamworld Casino and Resort is expected to be completed in the fourth

quarter of 2011

Learn More www.m88u.com/m88-vn.html

Laurie Macomber

Laurie Macomber

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