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Archon Reports Loss Shrinks

17 August 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 third fiscal quarter ended June 30, 2004.

For the quarter ended June 30, 2004, the Company reported net revenues of $11.1 million as compared to net revenues of $11.5 million in the same quarterly period of 2003. The Company's wholly-owned, significant operating subsidiary, Pioneer Hotel & Gambling Hall, reported net revenues of $7.9 million during the three months ended June 30, 2004 and 2003.

The Company reported a net loss applicable to common shares of $1.2 million for the 2004 quarter, or $0.19 per common share, compared to a net loss applicable to common shares of $2.8 million, or $0.45 per common share, for the 2003 quarter.

For the nine months ended June 30, 2004, the Company reported net revenues of $35.6 million as compared to net revenues of $35.9 million in the same nine-month period of 2003. The Company's wholly-owned, significant operating subsidiary, Pioneer Hotel & Gambling Hall, reported net revenues of $25.3 million during the nine months ended June 30, 2004, compared to net revenues of $25.2 million for the nine months ended June 30, 2003.

The Company reported a net loss applicable to common shares of $3.9 million for the 2004 nine-month period, or $0.63 per common share, compared to a net loss applicable to common shares of $6.3 million, or $1.02 per common share, for the 2003 nine-month period.

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