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

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 Meridien 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.