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Archon Reports Loss for Q2

18 May 2004

LAS VEGAS – (PRESS RELEASE) -- Archon Corporation (the "Company" or "Archon") (OTC Bulletin Board: ARHN), a company headquartered in Las Vegas, announced today its consolidated financial results for its second fiscal quarter ended March 31, 2004.

For the quarter ended March 31, 2004, the Company reported net revenues of $12.9 million as compared to revenues of $13.1 million in the same quarterly period of 2003. The Company's wholly-owned, significant operating subsidiary, Pioneer Hotel and Gambling Hall, reported net revenues of $9.4 million during the three months ended March 31, 2004, a 3% increase when compared to net revenues of $9.2 million for the three months ended March 31, 2003.

The Company reported a net loss applicable to common shares of $800,000 for the 2004 quarter, or $0.13 per common share, compared to a net loss applicable to common shares of $1.7 million, or $0.27 per common share, for the 2003 quarter.

For the six months ended March 31, 2004, the Company reported net revenues of $24.5 million as compared to net revenues of $24.4 million in the same six-month period of 2003. The Company's wholly-owned, significant operating subsidiary, Pioneer Hotel and Gambling Hall, reported net revenues of $17.4 million during the six months ended March 31, 2004, a 1% increase when compared to net revenues of $17.3 million for the six months ended March 31, 2003.

The Company reported a net loss applicable to common shares of $2.7 million for the 2004 six-month period, or $0.44 per common share, compared to a net loss applicable to common shares of $3.5 million, or $0.57 per common share, for the 2003 six-month period.

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