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Archon Corp. Posts Loss31 December 2001LAS VEGAS, Nevada – Dec. 31, 2001 --Archon Corp. of Las Vegas, owner of the Pioneer hotel-casino in Laughlin, reported a loss of $1.88 million for the quarter ending Sept. 30. The company posted net income in the year-ago quarter of $5.3 million. Revenues fell 59 percent to $12 million, while cash flow declined 16 percent to $4.67 million. The year-ago quarter included results from the Santa Fe hotel-casino in northwest Las Vegas, which Archon sold to Station Casinos Inc. for $205 million in October 2000. This property generated more than $83 million in revenue in the fiscal year that ended Sept. 30, 2000. In March 2001, Archon acquired two office buildings, located in Gaithersburg, Md., and Dorchester, Mass., and began generating rental income from the properties. It generated $7.2 million in income from the properties from March to September, 2001. Archon did not note how the Pioneer performed in the quarter, but said the property's revenues fell 10 percent in fiscal 2001 to $40 million. "The decline in revenue at the Pioneer is consistent with a continuing general decline in the Laughlin market, which management believes is due primarily to the expansion of Native American gaming facilities in Southern California," Archon's annual report said. |