Hotel Online  Special Report

Archon Corporation Acquires Fee Ownership of the 416 room
Pioneer Hotel & Gambling Hall in Laughlin, Nevada
for Approximately $36.0 million
LAS VEGAS, Jan. 9, 2004 - Archon Corporation ("Archon") (OTC Bulletin Board: ARHN - News) announced today the closing of the purchase of the fee ownership of the 416 room Pioneer Hotel & Gambling Hall (the "Pioneer") in Laughlin, Nevada on December 29, 2003.

Archon purchased the fee interest from an affiliate of GE Capital pursuant to an early purchase option under its existing lease agreement. The purchase price was approximately $36.0 million dollars, $18.0 

Pioneer Hotel and Gambling Hall
2200 S. Casino Dr. 
Laughlin, Nevada
million of which was borrowed from a bank. Archon intends to continue to operate the Pioneer in the same manner as it did when it was leasing the property and does not anticipate implementing any significant changes.

Paul Lowden, Chairman of the Board and Chief Executive Officer of Archon stated: "We are excited about this asset acquisition, and we will continue our efforts to provide an entertaining experience to our Pioneer customers."

In addition, Archon ceased operating Duke's Casino in Sparks, Nevada that was operated through one of its subsidiaries. All of the furniture, fixtures, gaming and non-gaming equipment and inventories have been transferred to the Pioneer.

This press release contains certain "forward looking" information as that terms is defined within the meaning of Section 27A of Securities Act of 1933, Section 21E of Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. 

Archon Corp
3993 Howard Hughes Pkwy, Suite 630
Las Vegas, NV 89109
Phone: (702) 732-9120

Also See: Resort Town of Laughlin, Nev., Survives Despite Geographic Challenges, No New Casinos in a Dozen Years / October 2002
Two 34 Year Old Internet Millionaires Acquiring Golden Nugget Hotel-Casinos in Downtown Las Vegas and Laughlin for Approximately $215 million / June 2003

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