SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A

Amendment No. 2

For the fiscal year ended: September 30, 2009

For the transition period from                      to                     

Commission File Number: 1-9481

ARCHON CORPORATION

(Exact name of registrant as specified in its charter)

2200 Casino Drive, Laughlin, NV 89029

(Address of principal executive office and zip code)

(702) 732-9120

(Registrant’s telephone number, including area code)

Indicate by a check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YES  x    NO  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S

Indicate by a check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer, accelerated filer” and “small reporting company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

The aggregate market value of the common stock held by non-affiliates of the registrant was approximately $14,452,425. The market value was computed by reference to the closing price of the common stock as of March 31, 2009.

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a

court.    YES  ¨    NO  ¨

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

6,017,944 as of February 19, 2010

DOCUMENTS INCORPORATED BY REFERENCE

None

Indicate by checkmark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K).    YES  x

We are filing this Amendment No. 2 to our Annual Report on Form 10-K for the year ended September 30, 2009, originally filed on February 23. 2010, and Amendment No. 1 filed on September 15, 2010, to revise Part IV, Item 15, Exhibits and Exhibits No. 31.1 and 31.2, the Section 302 Certifications required due to the filing of the previous Amendment No. 1 which corrected Part II, Item 9A, Controls and Procedures, to make proper disclosure concerning the Company’s assessment of its controls and procedures as ineffective and the failure to include the required assessment of internal control over financial reporting as a material weakness in the Company’s original Form 10-K. We have corrected Exhibits 31.1 and 31.2 in accordance with Item 601(b)(31) of Regulation S-K by filing this Amendment No. 2.

PART IV

(a) 1. and 2. Financial Statements and Schedules

The financial statements filed as part of this report are listed in the Index to Consolidated Financial Statements under Item 8.

(b) Exhibits

The following are filed as Exhibits to this Annual Report on Form 10-K:

FOOTNOTES TO EXHIBITS