Company posts loss

Monday, Feb. 28, 2005 | 10:47 a.m.

Archon Corp., which owns the Pioneer hotel and casino in Laughlin and the land under the defunct Wet 'n Wild waterpark on the Strip, last week reported a loss of $1.9 million in the fourth quarter compared with a similar loss a year earlier.

On a per share basis, the Las Vegas firm posted a loss of 31 cents per share, in line with last year.

Interest expenses fell as the company obtained lower interest-rate debt but revenue at the Pioneer declined, likely because of strategies used by competitors to attract local market share, the company said in a Securities and Exchange Commission filing. Marketing strategies used in the last half of 2004 were also unsuccessful, the company said.

The filing didn't elaborate on previously announced plans to develop a resort and condominium complex at the Wet 'n Wild site other than to say the company may develop the Strip property.

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