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Archon Corp. Posts Loss

28 August 2001

LAS VEGAS –August 28, 2001 -- Archon Corp. of Las Vegas, owner of the Pioneer hotel-casino in Laughlin, reported a loss of $2.08 million, or 34 cents per share, for the quarter ending June 30.

The loss was slightly greater than the loss of $2.06 million, or 33 cents per share, posted in the year-ago period. But revenues were down 57 percent to $14.2 million, and cash flow was down 41 percent to $5.12 million. Both numbers declined significantly as the result of the company's sale of the Santa Fe hotel-casino in northwest Las Vegas last October.

However, the Pioneer struggled during the quarter. Cash flow from the property was down 50 percent to $1.23 million, and revenues declined 12 percent to $10 million. Archon blamed a "continuing general decline in the Laughlin market, which management believes is due to expansion of Native American gaming facilities in Southern California."

In addition to the Pioneer, Archon owns office buildings in Dorchester, Mass., and Gaithersburg, Md., acquired in March. The company also owns a land parcel on the north end of the Las Vegas Strip.

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