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TWOC News Trans World Corporation Signs a Management Agreement for a New Casino and Nightclub In Split, Croatia

NEW YORK--(BUSINESS WIRE)--Trans World Corporation (“TWC” or the “Company”) (OTC:TWOC) the owner and operator of casinos in Europe, is pleased to announce the execution of a management agreement with the Grand Hotel Lav d.o.o. to operate a luxury casino and nightclub in Podstrana-Split, Croatia.

The five-star Grand Hotel Lav Resort, situated on the recently rediscovered, central Dalmatian coast, is nearing the conclusion of an extensive renovation and construction project that will include, along with the casino and nightclub operated by TWC, a luxury hotel, numerous food and beverage outlets and banquet rooms, an elaborate spa facility, all of which will be managed by Le Méridien Hotels & Resorts, part of the Starwood Hotels & Resort portfolio. The resort will also feature a 60-yacht marina.

American Chance Casinos (“ACC”), TWC’s affiliate in Europe, will manage the Grand Hotel Lav’s casino and nightclub by implementing the same successful operating philosophy of casual gaming and entertainment embraced by TWC’s existing venues. The approximately 27,000 square foot/2,500 square meter space will accommodate 140 slot machines and 20 gaming tables. Patrons can also enjoy a VIP lounge, a sports bar and a full-service restaurant. The nightclub will offer live entertainment and direct access to the casino. TWC intends to pursue an aggressive opening schedule with the goal of debuting the operation before Christmas 2006.

This agreement is consistent with TWC’s growth strategy, and management expects the new casino and nightclub to further strengthen the Company’s results, presence, and recognition in Central Europe.

For more information, please visit www.transwc.com or www.american-chance-casinos.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts contain forward looking information with respect to plans, projections or the future performance of the Company, the occurrence of which involve certain risks and uncertainties detailed in the Company’s filings with the Securities and Exchange Commission.