Mikohn Gaming Plans Repositioning

6 December 2004

LAS VEGAS -- (PRESS RELEASE) -- Mikohn Gaming Corporation (NASDAQ:MIKN), a leading provider of diversified products and services used in the gaming industry worldwide, announced today it will reposition its business to focus solely on technology and content.

Mikohn expects to realign its interior sign division through a private buy-out by the division's employees effective in late March 2005 that will include transferring the Mikohn brand. Progressive Gaming expects to receive cash at the closing of the transaction. Roth Capital Partners has been retained as financial advisor on the transaction. Robert Parente, Executive Vice President of Sales and Marketing, is also expected to serve on the Board of Directors of the new private, standalone entity that will maintain the Mikohn Gaming Corporation name. Margerhita Arvanites, currently Mikohn's Vice President of Operations and Manufacturing and a former veteran of General Electric's Aircraft Division, is expected to assume the post of Chief Executive Officer of the new private entity. James Cook, currently Mikohn's Western Regional Vice President of Sales and a 12-year veteran in the gaming industry with deep relationships with gaming operators, would assume the post of President of the new entity.

The publicly traded entity will be renamed "Progressive Gaming International Corporation" (the Company) and will begin trading under a new ticker symbol, "PGIC," on the NASDAQ National Market Quotation System effective in January 2005. The name change is the result of the transfer of the Mikohn brand to the employees as a part of the buy-out of the sign business and to better reflect the progressive focus on content and technology.

President and Chief Executive Officer Russ McMeekin of the Company stated: "The interior sign division has been an important part of our product offering over the years; we are transforming our business to be focused on content and technology. We will continue to own a minority stake in the new entity and maintain a commercial relationship to provide continuity to our customers. This is a golden opportunity for our employees who operate this division who have been loyal through the years to take full charge of the business and continue to deliver the best interior signage products in the industry. Both entities will serve the same customer base and this structure will provide for a more efficient sales and support process for the signage products."

Approximately 150 employees are expected to transfer to the new private entity that would be headquartered in Las Vegas on Paradise Road, and will maintain its flagship manufacturing operation in Hurricane, Utah.

Chief Financial Officer Michael A. Sicuro of the Company stated: "We believe the realignment and monetization of the interior sign business combined with the ability to repurchase debt later in 2005 and other potential corporate development initiatives we expect to complete over the course of the next 6-12 months will allow us to intensify our focus on higher margin, recurring revenues. We believe these opportunities, taken as a whole, should have no material impact to recurring EBITDA, earnings per share or free cash flow in fiscal 2005. We expect to provide revised revenue estimates for fiscal 2005 when the realignment transaction for the sign business is completed in late March 2005. This transaction should result in a nonrecurring gain in the first quarter of 2005. We expect to have the formality of the name change ratified at the next meeting of our shareholders."

Free cash flow is defined as the net change in cash and cash equivalents at the beginning of a reporting period as compared to the cash and cash equivalents at the end of that same reporting period. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. GAAP is defined as generally accepted accounting principles as applied in the United States.