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Archon Corporation Reports Loss

18 March 2004

LAS VEGAS – (Press Release) -- Archon Corporation (the "Company" or "Archon") (OTC Bulletin Board: ARHNE), a company headquartered in Las Vegas, announced today its consolidated financial results for its first fiscal quarter ended December 31, 2003.

For the quarter ended December 31, 2003, the Company reported net revenues of $11.7 million as compared to revenues of $11.3 million in the same quarterly period of 2002. The Company's wholly-owned, significant operating subsidiary, Pioneer Hotel and Gambling Hall, reported net revenues of $8.0 million during the three months ended December 31, 2003, a 1% decrease when compared to net revenues of $8.1 million for the three months ended December 31, 2002.

The Company reported a net loss applicable to common shares of $1.9 million for the 2003 quarter, or $0.31 per common share, similar to a net loss applicable to common shares of $1.9 million, or $0.30 per common share, for the 2002 quarter.

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