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Archon Reports Loss

4 January 2005

LAS VEGAS – (PRESS RELEASE)-- Archon Corporation (the "Company") (OTC Bulletin Board: ARHN), a company headquartered in Las Vegas, announced today the financial results for the fiscal year ended September 30, 2004.

For the year ended September 30, 2004, the Company reported net revenues of $45.7 million as compared to revenues of $46.2 million in fiscal 2003. The Pioneer Hotel and Gambling Hall reported net revenues of $32.2 million in fiscal 2004, a 1% increase when compared to net revenues of $31.9 million for fiscal 2003.

The Company reported a net loss applicable to common shares of $3.4 million, or $0.55 per common share in fiscal 2004, as compared to a net loss applicable to common shares of $9.4 million, or $1.51 per common share, in fiscal 2003.

Selected financial data is included in the Company's Annual Report on Form 10-K, filed on December 29, 2004 with the Securities and Exchange Commission.

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