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Archon Corporation Results Down

16 May 2003

LAS VEGAS – (Press Release) -- Archon Corporation (the "Company") (OTC Bulletin Board: ARHN), a company head quartered in Las Vegas, Nevada announced today the results for the quarter ended March 31, 2003.

For the three months ended March 31, 2003, the Company reported net revenues of $13.1 million a $900,000 decrease from revenues in the second quarter of fiscal 2002. For the six months ended March 31, 2003, the Company reported net revenues of $24.4 million a $2.0 million decrease from revenues in the fiscal 2002 period. The decrease is the result of a decline in revenues at the Pioneer Hotel and Gambling Hall. Operating income for the three and six-months periods of fiscal 2003 were $2.0 million and $3.2 million compared to $2.7 million and $4.3 million for the same periods of fiscal 2002.

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