Trans World Corporation

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International Guild of Hospitality & Restaurant Managers

Trans World Corporation (OTC BB:TWCP.OB)

545 Fifth Avenue, Suite 940
New York, NY 10117

Phone: (212) 983-3355
Fax: (212) 563-3380
Employees (last reported count): 366

Trans World Corporation (TWC) is engaged in the acquisition, development and management of niche casino operations in Europe, which feature gaming tables and mechanized gaming devices, such as slot and video poker machines, as well as the development and management of small to midsize hotels, which may include casino facilities. On March 31, 1998, the Company acquired two casinos in the Czech Republic and land upon which a third casino was built and opened in December 1999. The Czech Republic casinos are located close to major border crossings with Germany in Ceska Kubice and Rozvadov and near the border crossing with Austria close to Znojmo.

The Company was organized in October 1993 to acquire, develop and manage, to the extent permitted by applicable local laws, gaming establishments featuring live and mechanized gaming, including video gaming devices such as video poker machines. In 1998, faced with a closing date of June 30, 1999 for its Louisiana operations as a result of changes in laws governing the legality of operating video gaming devices in the State of Louisiana, TWC amended its operating strategy by shifting its focus to the casino market in Europe and acquired three casinos, one located in Spain, Casino de Zaragoza, S.A. (CDZ), which includes a hotel, and two casinos located in the Czech Republic, as well as a parcel of land also located in the Czech Republic. The Company also entered into a joint activity agreement relative to a fourth casino located in Azerbaijan Republic and signed a management contract with regard to a fifth casino located in Kyrgyz Republic. TWC has since closed two of those casinos due to gaming law changes in Azerbaijan Republic and Kyrgyz Republic and has opened an additional casino on the parcel of land that was purchased in 1998. On December 31, 2001, the Company sold its interest in CDZ, the casino/hotel in Spain that it had acquired in 1998.

Presently, TWC owns a total of three casinos, which are located in Ceska Kubice (Ceska), Rozvadov (Rozvadov) and Hate (near Znojmo) (Znojmo) in the Czech Republic. The casinos, which operate under the brand name American Chance Casinos (ACC) and showcase themes portraying recognizable eras of American history, are located at border locations and draw the majority of their clients from Germany and Austria. One of the Company's casinos has a Prohibition era theme and another casino has a Southern Antebellum theme. ACC's operating strategy centers on differentiation of its products from the alternative German and Austrian casinos, which have very formal atmospheres. Management has endeavored to create gaming environments with casual and exciting atmospheres that emphasize relaxed entertainment. The Company, which is headquartered in New York, has no operating presence in the United States.

In December 2001, as a result of excessive delays by the local Spanish authorities in granting CDZ final permission to relocate, together with the business unit's mounting losses, the Company divested itself of the casino by selling its interest in CDZ to a local Spanish casino operator, for a net gain of $8.5 million. At the time of this sale, CDZ operated nine gaming tables and 24 slot machines. In addition to its gaming area, CDZ's facilities included a 37-room hotel, a bar/restaurant, banquet space, and extensive recreational facilities, including four shooting ranges.

The Ceska Kubice casino currently has 15 gaming tables, including seven card tables, seven roulette tables, and one electro-mechanical, eight-position roulette game. It also has 60 slot machines, including 28 newer-style Novomatic machines; and parking for approximately 60 cars. In Rozvadov, there are 11 gaming tables, including five card tables, five roulette tables, and one electro-mechanical roulette game; 30 slot machines, six of which are newer-style Novomatics; and parking for 40 cars. In Znojmo, there are 17 gaming tables, which consist of eight card tables, eight roulette tables and one electro-mechanical roulette game; 50 slot machines, 36 of which are newer-style Novomatic machines; and parking for approximately 120 cars.

Disclaimer:
The data included within the Financial section is solely for information and does not construe a recommendation and/or endorsement by IGHRM or its members to invest funds with any of the companies listed. You are strongly advised to obtain professional advice with qualified individuals or corporations for any investments of funds.

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