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Archon Reports Loss

20 August 2003

LAS VEGAS – (Press Release) -- Archon Corporation (the "Company") (OTC Bulletin Board: ARHN), a company headquartered in Las Vegas, Nevada announced today the results for the quarter ended June 30, 2003.

For the three months ended June 30, 2003, the Company reported net revenues of $11.5 million, a $100,000 increase from revenues in the third quarter of fiscal 2002. For the nine months ended June 30, 2003, the Company reported net revenues of $35.9 million, a $1.9 million decrease from revenues in the fiscal 2002 period. The decrease for the nine-month period is the result of a decline in revenues at the Pioneer Hotel and Gambling Hall. The Company reported an operating loss of $200,000 in the current year's quarter as compared to operating income of $1.1 million in the prior year's quarter. Operating income for the nine-months periods of fiscal 2003 were $3.0 and $5.4 million, respectively.

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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