Company narrows losses

Tuesday, Jan. 4, 2005 | 10:48 a.m.

Archon Corp., which owns the land occupied by the former Wet 'n Wild waterpark on the Strip, reported a loss of $3.4 million in the fiscal year ended Sept. 30, 2004 compared with a net loss of $9.4 million in fiscal 2003.

On a per share basis, losses totaled 55 cents per share in fiscal 2004 compared with a loss of $1.51 per share the prior year.

The Las Vegas company, in its annual report, reported that revenue fell 1 percent to $45.7 million. The company's Pioneer Hotel and Gambling Hall in Laughlin, its single casino asset, reported a 1 percent increase in revenue to $32.2 million. Revenue has flattened over the years in part because of competition from nearby tribal casinos, the report said.

The company reiterated in its annual report that it has no definitive plans to develop a hotel and casino at the 27-acre site of the former Wet 'n Wild. In 2003 Archon received a use permit with the county for a master plan including a resort and condos. The project remains in the "predevelopment stage," while the company hasn't yet decided whether to proceed, sell the land or continue to hold it in its present state. Archon terminated a lease with Wet 'n Wild in September.