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Archon Board Approves Preferred Share Repurchase Program

18 December 2002

LAS VEGAS – (Press Release) -- Archon Corporation (OTC Bulletin Board: ARHN) announced that its Board of Directors has approved an increase of an additional $1 million in Archon's preferred stock repurchase program. Prior to this increase, the Board of Directors had authorized the repurchase of preferred stock using up to $1,500,000.

Under the repurchase program, since December 2000 Archon has repurchased an aggregate of 674,177 shares of its preferred stock at an aggregate cost of $1,003,307. With the increased authorization, $1,496,693 remains available for use in the program. Repurchases under the program may be made from time to time in the open market at prevailing prices as well as in privately negotiated transactions. The repurchased shares of preferred stock will be retired.

Archon Corporation operates the Pioneer Hotel and Gambling Hall in Laughlin, Nevada and owns property in Las Vegas for possible future development and two investment properties

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