Financial

Archon Corporation Reports Fiscal Year End Financial Results

LAS VEGAS, Dec. 30 /PRNewswire-FirstCall/ -- Archon Corporation (BULLETIN BOARD: ARHN) (the "Company"), a company headquartered in Las Vegas, announced today the financial results for the fiscal year ended September 30, 2002.

Archon Corporation For the year ended September 30, 2002, the Company reported net revenues of $48.8 million and EBITDA of $13.6 million as compared to revenues of $48.0 million and EBITDA of $10.1 million in fiscal 2001. The Pioneer Hotel and Gambling Hall (the "Pioneer"), reported net revenues of $35.5 million in fiscal 2002, an 11.4% decrease when compared to net revenues of $40.0 million for fiscal 2001. During fiscal 2001, the Company acquired two investment properties. The investment properties reported net revenues of $12.4 million compared to net revenues of $7.2 million for fiscal 2001.

The Company reported net loss applicable to common shares of $9.3 million or $1.50 per common share in fiscal 2002 and net income applicable to common shares of $87.2 million or $14.11 per common share in fiscal 2001. The prior year's earnings include a pre-tax gain on sale of assets of the Santa Fe Hotel and Casino of $137.2 million.

Selected financial data is included in the Company's Annual Report on Form 10-K, filed today with the Securities and Exchange Commission.

Archon Corporation operates the Pioneer Hotel and Gambling Hall in Laughlin, Nevada and owns real property in Las Vegas, Nevada as well as investment properties.



Logos, product and company names mentioned are the property of their respective owners.