Archon Corporation Reports Fiscal Year End Financial Results LAS VEGAS, Jan. 3 /PRNewswire-FirstCall/ -- Archon Corporation (the "Company") (OTC:ARHN) (BULLETIN BOARD: ARHN) , a company headquartered in Las Vegas, announced today the financial results for the fiscal year ended September 30, 2004. For the year ended September 30, 2004, the Company reported net revenues of $45.7 million as compared to revenues of $46.2 million in fiscal 2003. The Pioneer Hotel and Gambling Hall reported net revenues of $32.2 million in fiscal 2004, a 1% increase when compared to net revenues of $31.9 million for fiscal 2003. The Company reported a net loss applicable to common shares of $3.4 million, or $0.55 per common share in fiscal 2004, as compared to a net loss applicable to common shares of $9.4 million, or $1.51 per common share, in fiscal 2003. Selected financial data is included in the Company's Annual Report on Form 10-K, filed on December 29, 2004 with the Securities and Exchange Commission. This press release may be deemed to contain forward-looking statements including comments regarding trends and performance expectations which are subject to change. Actual results may differ materially from those described in any forward-looking statements. Additional information concerning potential factors that could affect the Company's financial results are included in the Company's Form 10-K. Archon Corporation operates the Pioneer Hotel and Gambling Hall in Laughlin, Nevada and owns real property in Las Vegas, Nevada for possible future development as well as two investment properties located in Maryland and Massachusetts. ARCHON CORPORATION Consolidated Earnings Summary for the years ended September 30, 2004, 2003 and 2002 In thousands except per and outstanding share information (unaudited) 2004 2003 2002 ------ ------ ------ Revenues $45,693 $46,161 $48,765 ========= ========= ========= Operating income $4,973 $2,928 $6,516 Interest expense (12,880) (16,415) (16,645) Gain on sale of assets 3,953 0 0 Interest income 860 1,489 1,289 Other income 299 0 0 --------- --------- --------- Loss before income tax benefit (2,795) (11,998) (8,840) Federal income tax benefit 913 4,152 1,133 --------- --------- --------- Net loss (1,882) (7,846) (7,707) Dividends accrued on preferred shares (1,562) (1,527) (1,555) --------- --------- --------- Net loss applicable to common shares $(3,444) $(9,373) $(9,262) ========= ========= ========= Average common shares outstanding 6,221,431 6,221,431 6,180,152 ========= ========= ========= Average common and common equivalent shares outstanding 6,221,431 6,221,431 6,180,152 ========= ========= ========= Basic and diluted loss per common share $(0.55) $(1.51) $(1.50) ========= ========= ========= DATASOURCE: Archon Corporation CONTACT: John M. Garner, Chief Financial Officer of Archon Corporation, +1-702-732-9120, ext. 229

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