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Archon Corporation Reports Loss

For the quarter ended December 31, 2002, the Company reported net revenues of $11.3 million, a $1.1 million decrease from revenues in the first quarter of fiscal 2002. The decrease is the result of a decline in revenues at the Pioneer Hotel and Gambling Hall (the "Pioneer"). Operating income for the first quarter of fiscal 2003 was $1.2 million versus $1.6 million in the same period in fiscal 2002.

The Company reported a net loss applicable to common shares of $1.9 million, or $0.30 per share, compared to net loss of $1.8 million, or $0.28 per share, for the first quarters of fiscal 2003 and 2002, respectively.

Archon Corporation operates the Pioneer Hotel and Gambling Hall in Laughlin, Nevada and owns property in Las Vegas for possible future development and two investment properties.

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