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Trans World Corporation Reports Q1 2001 Results and Announces Casino Expansion

Trans World Corporation (``TWC''), which owns and operates four casinos in Europe, reported revenues of $4.3 million for the first quarter of 2001, a 10.6% improvement over the same period in 2000. The revenue increase is based primarily on the continued growth in business volume at the Company's newest casino in Znojmo, Czech Republic, which opened in December 1999.

TWC reported a net loss of $938,000 or $(0.12) per share for the period, which represents an improvement of 19.2% over the first quarter loss of $1.2 million or $(0.22) per share for the comparable period in 2000.

Rami Ramadan, the Company's president and chief executive officer, commented, ``Znojmo's growth has exceeded our expectations. To meet growing demand, in May 2001 we moved forward with our planned increase in gaming tables at the casino from 11 to 16 and have expanded to `round the clock' operation Thursday through Sunday as of May 24, 2001.''

According to Mr. Ramadan, Znojmo's initial success can be attributed to several factors. ``The marketing and promotional strategies that we employed, which included a gala opening party followed by a billboard campaign targeting the northern suburbs of Vienna, Austria and a series of theme parties, proved to be extremely effective in drawing people to the casino,'' noted Mr. Ramadan.

``The casino's growing clientele can also be attributed, in part, to the uniqueness and relaxed atmosphere that the Znojmo casino offers. Our ''Southern Antebellum theme`` and informal ambience have differentiated us from the more formal Viennese casinos and have made our brand, American Chance Casinos, a distinct and recognizable destination.''

In the first quarter of 2001, the Company's other European-based casinos performed slightly below the levels achieved during the same period in 2000, with Znojmo's gains offsetting these shortfalls.

Mr. Ramadan continued, ``We are confident that the remedy for the shortfall at our existing business units is expansion of our operations to include facilities modeled after our successful Znojmo prototype, which is a superior product with a proven formula. Further expansion will enable us to take advantage of our existing infrastructure as well as economies of scale.

"Diversification into the hotel industry is also paramount to TWC's future success and we intend to pursue this strategy aggressively. We have a successful casino product and the addition of hotels, which will represent an excellent complement to our existing operations, will accelerate our growth, give us stability in turbulent economic times, and further enhance the Company's overall image.''

The Company's European-based development team has been searching for hotel and casino acquisition and development opportunities in both Western European and Eastern European countries.

``We have identified a number of target hotel acquisitions, including two hotels in France and one in England for which we have negotiated the terms of purchase and are approaching lenders for financing,'' said Mr. Ramadan. The Company is also pursuing relocation of its casino in Zaragoza, Spain to the city center and has tentative plans to open a fifth casino in the Czech Republic. The opening dates for both projects are estimated to be mid-2002.

Trans World Corporation owns and operates four casinos in Europe and specializes in small to medium sized casinos and gaming parlors in local venues worldwide. The Company's headquarters is located in New York, NY.

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