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Archon Reports Restated Year End Results

2 March 2004

LAS VEGAS – (Press Release) -- Archon Corporation (the "Company" or "Archon") (OTC Bulletin Board: ARHN), a company headquartered in Las Vegas, announced today its restated consolidated financial results for the fiscal year ended September 30, 2003. The Company also announced that it plans to report the financial results of its first quarter ended December 31, 2003 and file its 10-Q report on or about March 15, 2004.

For the year ended September 30, 2003, the Company reported net revenues of $46.2 million as compared to revenues of $48.8 million in fiscal 2002. The Pioneer Hotel and Gambling Hall reported net revenues of $31.9 million in fiscal 2003, a 10.0% decrease when compared to net revenues of $35.5 million for fiscal 2002.

The Company reported a restated net loss applicable to common shares of $9.4 million, or $1.51 per common share, as compared to net loss applicable to common shares of $9.2 million, or $1.50 per common share, in fiscal 2002. The Company had previously reported a net loss applicable to common shares of approximately $9.0 million, or $1.44 per common share for its fiscal year ended September 30, 2003.

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