Trans World Corporation Announces Significant Increase in Earnings for 2004.

NEW YORK -- Trans World Corporation ("TWC" or the "Company") (OTC: TWOC.OB), the owner and operator of casinos in Europe, today announces a 425% increase in net earnings for the year ended December 31, 2004 versus 2003.

TWC's net income for the year ended December 31, 2004 of $1.2 million, or $0.25 per share, represented a significant increase over the net income of $238,000, or $0.08 per share, for the prior year. This increase was achieved in spite of the $200,000 costs associated with the launching of a new casino, and as a result of improved performance of its operations and reduced interest expense due to a debt exchange concluded in June 2003. Further, the Company's return on average equity (ROE) for the year ended December 31, 2004 was 12%.

All per share figures reflect the increase in the number of shares due to the 2003 debt-to-equity conversion as well as the reverse stock split which was implemented by the Company in April 2004.

TWC's revenues were $18.9 million for the year end, versus $17.6 million for the prior year. The 7.5% growth in revenue was the result of several factors: (1) a 3.4% improvement in attendance, which was attributable to aggressive marketing; (2) a 4.8% increase in drop per head, which was primarily the result of favorable exchange rates; and (3) better guest recognition programs in the Company's casinos.

In addition, as part of its continued growth strategy, TWC opened its fifth casino in the Czech Republic, as planned in late December of 2004. This new casino, "Route 55", is the Company's largest gaming venue and is modeled after the Company's successful Znojmo operation.

Route 55 offers its clientele a comfortable and exciting atmosphere, and a high level of personal service and professionalism. Like TWC's four other properties in the Czech Republic, all of which operate under the brand name "American Chance Casinos" (ACC), Route 55 showcases a nostalgic era in American history. The casino is decorated in vivid colors reminiscent of Miami Beach in the 1950s and includes a gaming area of nearly 11,000 square feet featuring 16 tables and 94 slot machines. There is also stylish bar, a gourmet restaurant, and several VIP areas. It is casual sophistication at its finest.

Although expenses are expected to increase during the first and second quarters of 2005 as this newest property is marketed and established, Route 55 is on track to become a major contributor to the Company's profit, and is expected to generate $1.0 million of incremental net income by its third year of operation. Additionally, TWC will expand its corporate activities through the development of new projects, such as investment in the hotel and spa industries in Europe, which will compliment TWC's existing casino business.

This progress has provided the Company with a foundation of greater stability and a larger presence in the area. Additional information about TWC and ACC can be found at 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.

TRANS WORLD CORPORATION AND SUBSIDIARIES
              CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                       AND COMPREHENSIVE INCOME
                Years Ended December 31, 2004 and 2003
           (dollars in thousands, except for per share data)

                                                     changes   changes
                             2004         2003         ($)       (%)
                         -----------  -----------  ----------- -------

REVENUES                 $   18,938   $   17,605   $    1,333     7.6%
                         -----------  -----------  ----------- -------

COSTS AND EXPENSES           17,414       15,896        1,518     9.5%
 (including launching    -----------  -----------  ----------- -------
  costs for Route 55 in
  Dec. 2004)

INCOME FROM OPERATIONS        1,524        1,709         (185)  -10.8%
                         -----------  -----------  ----------- -------

OTHER INCOME (EXPENSE)         (277)      (1,471)       1,194   -81.2%
                         -----------  -----------  ----------- -------


NET INCOME               $    1,247   $      238   $    1,009   424.8%
                         ===========  ===========  =========== =======

WEIGHTED AVERAGE COMMON SHARES
 OUTSTANDING:
Basic                     5,031,606(1) 2,798,334(2) 2,233,272    79.8%
Diluted                   5,039,194    2,805,922    2,233,272    79.6%
                         -----------  -----------  ----------- -------

EARNINGS PER COMMON SHARE:
Basic                    $     0.25   $     0.08   $    $0.17   203.7%
Diluted                  $     0.25   $     0.08   $    $0.17   204.1%
                         -----------  -----------  ----------- -------

COMPREHENSIVE INCOME:

Net income               $    1,247   $      238   $    1,009   424.9%

Other comprehensive
 income, foreign
 currency translation
 adjustment                   2,033        1,943           90     4.6%
                         -----------  -----------  ----------- -------

Comprehensive income     $    3,280   $    2,181   $    1,099    50.4%
                         ===========  ===========  =========== =======

-----------------------
(1) 2004 restated to give retroactive recognition of the reverse stock
    split.
(2) 2003 restated to give retroactive recognition of the reverse stock
    split and after giving effect to the June 2003 Exchange.