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Archon Reports Earnings for Q3 2001

For the three months ended June 30, 2001, the Company reported net revenues of $14.2 million and EBITDA of $5.1 million. For the nine months ended June 30, 2001, the Company reported net revenues of $37.6 million and EBITDA of $10.2 million.

The prior year three and nine month period included net revenues and EBITDA from the operations at the Santa Fe Hotel and Casino which was sold on October 2, 2000. Selected financial data, including operating results for the Pioneer Hotel and Gambling Hall, are included in the Company's Quarterly Report on Form 10-Q, filed today with the Securities and Exchange Commission.

For the three months ended June 30, the Company reported a net loss of $2.1 million in both fiscal 2001 and 2000 or $0.34 and $0.33 per common share, respectively. The Company reported net income of $89.5 million or $14.42 per common share in the nine months of fiscal 2001 compared to $8.1 million or $1.31 per common share in the nine months of fiscal 2000.

During the current year period, the Company recorded a gain on the sale of assets of $137.2 million and a gain from the settlement of litigation of approximately $3.4 million. In the prior year period, the Company recorded a gain on sale of assets and related agreements of approximately $12.1 million and an extraordinary gain of approximately $2.8 million on the acquisition of debt.

Archon Corporation operates the Pioneer Hotel and Gambling Hall in Laughlin, Nevada and owns property on Las Vegas Boulevard for possible future development, and owns investment properties in Dorchester, Massachusetts and Gaithersburg, Maryland

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