Elixir Gaming enters into agreement with NagaWorld Limited to place and operate gaming machines on participation basis at leading Cambodian casino resort
LAS VEGAS--(BUSINESS WIRE)-- Elixir Gaming Technologies, Inc. (AMEX:EGT) (“Elixir Gaming” or “the Company”), a provider of gaming technology solutions to the Pan-Asian gaming industry, announced today that it has entered into a contract with NagaWorld Limited, a wholly owned subsidiary of the Hong Kong listed NagaCorp Ltd. (HKSE:3918), to place electronic gaming machines on a participation basis at its NagaWorld, a five-star hotel casino resort in Cambodia. The only licensed full service casino in Phnom Penh, NagaWorld is a luxury destination resort.
Under the terms of the agreement, Elixir Gaming will place electronic gaming machines in a prescribed area of NagaWorld’s 14-story hotel wing and will share in the gross revenue generated by each machine. It is expected that approximately 140 electronic gaming machines will be placed in the prescribed area and Elixir Gaming and NagaWorld will have joint control over the operation of the electronic gaming machines, including floor staffs and respective audit rights. Elixir Gaming anticipates the electronic gaming machines to be in operation in time for the upcoming Chinese New Year in late January 2009. Subject to certain milestones and agreement between the parties, the Company expects that the electronic gaming machines placed by it at NagaWorld may be increased to over 200 by the second quarter of 2009.
NagaWorld is Cambodia’s only integrated hotel casino entertainment complex, located in the heart of the nation’s capital city of Phnom Penh. One of Cambodia’s most popular tourist destinations, NagaWorld currently has, among others, 508 rooms, 176 table games, a premium meeting, incentive travel, convention, and exhibition (MICE) facility, a retail shopping area, a collection of restaurants and bars, a karaoke lounge, and a spa.
Clarence Chung, Chairman and Chief Executive Officer of the Company, commented, “We are excited to work with such a well-established gaming operator with a proven track record of operating excellence, deep industry experience, and extensive local knowledge and networking. NagaWorld is one of the premier hotel casino resort destinations in Southeast Asia and its five-star amenities rival those of many of the high-end casinos in major gaming markets worldwide.
Through Elixir Gaming’s expertise in developing full scale slot operations, as well as collaborative marketing efforts, we believe we can drive even greater player traffic and gaming revenue to NagaWorld’s already successful operation.”
Stuart Sandon, Senior Vice President of NagaWorld Ltd., added, “Elixir Gaming’s market knowledge and ability to develop and implement turnkey slot floor solutions will help to solidify what is an important component to NagaWorld’s gaming operation. We look forward to the benefit that Elixir Gaming’s expertise and industry relationships, as well as its established and growing base of operations will bring to the long-term success of our facility.”
About Elixir Gaming Technologies, Inc.
Elixir Gaming Technologies, Inc. (AMEX:EGT) is a provider of gaming technology solutions. The Company secures long-term contracts to provide comprehensive turn-key solutions to 3, 4, and 5 star hotels and other well-located venues throughout Asia that seek to offer casino gaming products. The Company retains ownership of the gaming machines and systems and receives recurring daily fees that average in excess of 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 a focus on the Philippines, Cambodia, and Vietnam markets. For more information please visit www.elixirgaming.com.
About NagaCorp Ltd.
NagaCorp Ltd. (3918.HK) operates NagaWorld, the only licensed 5-Star Hotel Casino Resort in Phnom Penh, the capital of Cambodia. NagaCorp holds a casino license issued by the Royal Govemment of Cambodia, which gives the company the rights to operate the casino for 70 years commencing January 1995 with 41 years exclusivity within a 200 kilometer radius of Phnom Phen (except the Cambodia-Vietnam boarder area, Bokor, Kirirom Mountains, and Sihanoukville.) NagaWorld, currently has, among others, 508 rooms and 176 table games. NagaCorp Ltd.is incorporated in Cayman Islands with limited liability and its securities are listed on the Main Board of The Stock Exchange of Hong Kong Limited.
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 of Elixir Gaming, its working capital requirements and future revenue and profitability. 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 Gaming’s inability to place gaming machines at significant levels, whether the gaming machines placed generate the expected amount of net-win, 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, 2007 filed with the SEC on March 31, 2008 and our Form 10-Q for the three months ended September 30, 2008 filed on November 14, 2008. 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.