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Archon Results Down Slightly

18 May 2005

LAS VEGAS – (PRESS RELEASE) -- Archon Corporation (the "Company" or "Archon") (OTC Bulletin Board: ARHN), a company headquartered in Las Vegas, announced today its condensed consolidated financial results for its second fiscal quarter ended March 31, 2005.

For the quarter ended March 31, 2005, the Company reported net revenues of $12.0 million as compared to revenues of $12.9 million in the same quarterly period of 2004. The Pioneer Hotel & Gambling Hall reported net revenues of $8.2 million during the three months ended March 31, 2005, a 13.3% decrease when compared to net revenues of $9.4 million for the three months ended March 31, 2004.

The Company reported a net loss applicable to common shares of $0.1 million, or $0.02 per common share, for the 2005 quarter compared to $0.8 million, or $0.13 per common share, for the 2004 quarter.

For the six months ended March 31, 2005, the Company reported net revenues of $22.2 million as compared to revenues of $24.5 million for the same six-month period of 2004. The Pioneer Hotel & Gambling Hall reported net revenues of $15.0 million during the six months ended March 31, 2005, a 13.8% decrease when compared to net revenues of $17.4 million for the six months ended March 31, 2004.

The Company reported a net loss applicable to common shares of $2.0 million, or $0.33 per common share, for the 2005 six-month period compared to $2.7 million, or $0.44 per common share, for the 2004 six-month period.

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