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<p align="center"><font face="Sans-Serif" size="4"><b>UNITED STATES<br>SECURITIES
 AND EXCHANGE COMMISSION</b></font><font face="Sans-Serif" size="3"><br><b>Washington, D.C. 20549<br><br></b></font><hr noshade size="1" color="#000000" width="13%"></p>
<p align="center"><font face="Sans-Serif" size="4"><b>FORM 8-K<br><br></b></font><hr noshade size="1" color="#000000" width="13%"></p>
<p align="center"><font face="Sans-Serif" size="2">CURRENT REPORT<br>Pursuant
 to Section 13 or 15(d) of the Securities and Exchange Act of 1934</font></p>
<p align="center"><font face="Sans-Serif" size="2">(Date of earliest event reported): <b>May 19, 2008</b></font></p>
<p align="center"><font face="Sans-Serif" size="2"><hr noshade size="1" color="#000000" width="13%"></font></p>
<p align="center"><font face="Sans-Serif" size="4"><b>ARCHON CORPORATION</b></font><br>
<font face="Sans-Serif" size="2">(Exact name of Registrant as specified in its charter)<br><br><hr noshade size="1" color="#000000" width="13%"></font>
</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Nevada</b></font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>1-9481</b></font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>88-0304348</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">(State or other jurisdiction of incorporation)</font></td>
<td width="37%" valign="bottom" align="left"><font face="Sans-Serif" size="2">(Commission File Number)</font></td>
<td width="15%" valign="bottom" align="left" nowrap><font face="Sans-Serif" size="2">(IRS Employer Identification)</font></td>
</tr>
</table>
<p align="center"><font face="Sans-Serif" size="2"><b>4336 Losee Road, Suite
 5<br>North Las Vegas, Nevada 89030<br></b>(Address of principal executive office
 and zip code)</font></p>
<p align="center"><font face="Sans-Serif" size="2"><b>(775) 732-9120<br></b>
(Registrant&#146;s telephone number, including area code)</font></p>
<p><font face="Sans-Serif" size="2">Check the appropriate box bellow if the
 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant
 under any of the following provisions:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="5%" valign="bottom" align="left"><font face="wingdings" size="2">o</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Written communication
 pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="wingdings" size="2">o</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Soliciting
 material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font>
</td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
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<td valign="bottom" align="left"><font face="wingdings" size="2">o</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Pre-commencement
 communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="wingdings" size="2">o</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Pre-commencement
 communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).</font></td>
</tr>
</table><br>
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<p><font face="Sans-Serif" size="2"><b>ITEM 8.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;OTHER EVENTS.</b></font></p>
<p align="justify"><font face="Sans-Serif" size="2">Archon Corporation (the &#147;Company&#148;) announces that on May 19, 2008 it is offering
 to purchase in an issuer tender offer up to 600,000 shares of its common stock,
 par value $0.01 per share at a price of $40.00 per share in cash, subject to the
 terms and conditions described in the Offer to Purchase and related Letter of Transmittal
 (collectively the &#147;Offer&#148;).<br><br>
The Company is offering to purchase shares from all shareholders, but expresses in
 the Offer a preference for purchasing shares from small or odd-lot shareholders
 who hold less than 100 shares of Company common stock (&#147;the Odd-Lot Stockholder(s)&#148;).
 Odd-Lot Stockholders who choose to participate in the Offer must tender all of his,
 her or its shares in order to receive payment and be eligible for the Offer.<br><br>
The Offer will expire on Friday, June 20, 2008 at 5:00 p.m., New York time, unless
 the Company extends the Offer. If the Company extends the Offer, it will issue a
 public announcement on Form 8-K announcing the extension before the scheduled expiration
 time. If there are any amendments to the Offer, each amendment will be publicly
 announced on Form 8-K.<br><br>
American Stock Transfer &#038; Trust Company is acting as Depositary and D.F. King
 &#038; Co., Inc. is acting as Information Officer for this Offer as further described
 in the attached exhibits.</font></p>
<p><font face="Sans-Serif" size="2"><b>ITEM 9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FINANCIAL STATEMENTS
 AND EXHIBITS.</b></font></p>
<p><font face="Sans-Serif" size="2">(d) Exhibits</font></p>
<p><font face="Sans-Serif" size="2">The following Exhibits are furnished herewith:</font></p>
<p><font face="Sans-Serif" size="2">Exhibit 99.1&#160;&#160;&#160;&#160;&#160;&#160;Offer to Purchase</font></p>
<p><font face="Sans-Serif" size="2">Exhibit 99.2&#160;&#160;&#160;&#160;&#160;&#160;Letter of Transmittal</font>
</p>
<p><font face="Sans-Serif" size="2">Exhibit 99.3&#160;&#160;&#160;&#160;&#160;&#160;Notice of Guaranteed Delivery</font></p>
<p><font face="Sans-Serif" size="2"><hr size="4" color="#000000" noshade></font></p>
<p align="center"><font face="Sans-Serif" size="2"><b>SIGNATURE</b></font></p>
<p align="justify">&#160;&#160;&#160;&#160;&#160;<font face="Sans-Serif" size="2">Pursuant to
 the requirements of the Securities Exchange Act of 1934, the registrant has duly
 caused this report to be signed on its behalf by the undersigned, thereunto duly
 authorized.</font></p>
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<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="2" width="50%"><font face="Sans-Serif" size="2"><b>ARCHON CORPORATION</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td width="60%" valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" valign="bottom" align="left"><font face="Sans-Serif" size="2">By:</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><u>/s/ Paul W. Lowden</u></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Name:</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Paul W. Lowden</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Title:</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Chairman of the Board/President</font></td>
</tr>
</table>
<p><font face="Sans-Serif" size="2">Dated: May 19, 2008</font></p>
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UNITED STATES
SECURITIES
 AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
 to Section 13 or 15(d) of the Securities and Exchange Act of 1934
(Date of earliest event reported):
May 19, 2008
ARCHON CORPORATION
(Exact name of Registrant as specified in its charter)
Nevada
1-9481
88-0304348
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification)
4336 Losee Road, Suite
 5
North Las Vegas, Nevada 89030
(Address of principal executive office
 and zip code)
(775) 732-9120
(Registrant's telephone number, including area code)
Check the appropriate box bellow if the
 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant
 under any of the following provisions:
o
Written communication
 pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting
 material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
 communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement
 communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
ITEM 8.01          OTHER EVENTS.
Archon Corporation (the "Company") announces that on May 19, 2008 it is offering
 to purchase in an issuer tender offer up to 600,000 shares of its common stock,
 par value $0.01 per share at a price of $40.00 per share in cash, subject to the
 terms and conditions described in the Offer to Purchase and related Letter of Transmittal
 (collectively the "Offer").
The Company is offering to purchase shares from all shareholders, but expresses in
 the Offer a preference for purchasing shares from small or odd-lot shareholders
 who hold less than 100 shares of Company common stock ("the Odd-Lot Stockholder(s)").
 Odd-Lot Stockholders who choose to participate in the Offer must tender all of his,
 her or its shares in order to receive payment and be eligible for the Offer.
The Offer will expire on Friday, June 20, 2008 at 5:00 p.m., New York time, unless
 the Company extends the Offer. If the Company extends the Offer, it will issue a
 public announcement on Form 8-K announcing the extension before the scheduled expiration
 time. If there are any amendments to the Offer, each amendment will be publicly
 announced on Form 8-K.
American Stock Transfer & Trust Company is acting as Depositary and D.F. King
 & Co., Inc. is acting as Information Officer for this Offer as further described
 in the attached exhibits.
ITEM 9.01          FINANCIAL STATEMENTS
 AND EXHIBITS.
(d) Exhibits
The following Exhibits are furnished herewith:
Exhibit 99.1      Offer to Purchase
Exhibit 99.2      Letter of Transmittal
Exhibit 99.3      Notice of Guaranteed Delivery
SIGNATURE
Pursuant to
 the requirements of the Securities Exchange Act of 1934, the registrant has duly
 caused this report to be signed on its behalf by the undersigned, thereunto duly
 authorized.
ARCHON CORPORATION
By:
/s/ Paul W. Lowden
Name:
Paul W. Lowden
Title:
Chairman of the Board/President
Dated: May 19, 2008