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Archon Reports Revenues Down, Earnings Up for Q3

15 August 2002

LAS VEGAS – (Press Release) -- Archon Corporation (the "Company") (OTC Bulletin Board: ARHN) announced today the results for the quarter and nine months ended June 30, 2002

For the three months ended June 30, 2002, the Company reported net operating revenues of $11.4 million and earnings before interest, taxes, depreciation, rents and corporate expenses plus interest income ("EBITDA") of $3.9 million compared to net operating revenues and EBITDA of $13.8 million and $5.1 million, respectively, in the three months ended June 30, 2001. For the nine months ended June 30, 2002, the Company reported net operating revenues of $37.8 million and EBITDA of $14.2 million, compared to $36.0 million and $10.2 million, respectively, in the nine months ended June 30, 2001.

The Company reported a net loss of $7.0 million or $1.14 per common share in the nine months ended June 30, 2002 compared to net income of $89.5 million or $14.42 per common share in the nine months ended June 30, 2001. During the 2001 period, the Company recorded a pre-tax gain on the sale of assets of $137.2 million and a net gain from the settlement of litigation of approximately $3.4 million.

Selected financial data, including operating results for the Company's Pioneer Hotel and Gambling Hall located in Laughlin, Nevada, are included in the Company's Quarterly Report on Form 10-Q, filed today with the Securities and Exchange Commission.

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