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Archon Closes on Laughlin Casino

LAS VEGAS – (Press Release) -- Archon Corporation ("Archon") (OTC Bulletin Board: ARHN) announced today the closing of the purchase of the fee ownership of the Pioneer Hotel & Gambling Hall (the "Pioneer") in Laughlin, Nevada on December 29, 2003.

Archon purchased the fee interest from an affiliate of GE Capital pursuant to an early purchase option under its existing lease agreement. The purchase price was approximately $36.0 million dollars, $18.0 million of which was borrowed from a bank. Archon intends to continue to operate the Pioneer in the same manner as it did when it was leasing the property and does not anticipate implementing any significant changes.

Paul Lowden, Chairman of the Board and Chief Executive Officer of Archon stated: "We are excited about this asset acquisition, and we will continue our efforts to provide an entertaining experience to our Pioneer customers."

In addition, Archon ceased operating Duke's Casino in Sparks, Nevada that was operated through one of its subsidiaries. All of the furniture, fixtures, gaming and non-gaming equipment and inventories have been transferred to the Pioneer.

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