Exhibit 99.1


FOR IMMEDIATE RELEASE

Contact:  Rami S. Ramadan
          Chief Executive Officer
          Trans World Corporation
          (212) 983-3355

                           TRANS WORLD CORPORATION
            ANNOUNCES 98.75% PARTICIPATION IN NOTE EXCHANGE OFFER
                          PRIOR TO EXPIRATION DATE

     New York, New York - June 20, 2003 - Trans World Corporation (OTC:
TWCP.OB), the owner and operator of three casinos in the Czech Republic,
announced today that as of 5:00 p.m., New York City time on June 19, 2003,
participation in its offer to exchange all of its $20.0 million principal
amount of 12% Senior Secured Notes due March 17, 2005 ("Notes") was 98.75%
and that Notes in the principal amount of $18,450,000 had been tendered for
shares of the Company's common stock and that Notes in the principal amount
of $1,300,000 had been tendered for the Variable Rate Promissory Notes due
2010.

     The note exchange offer currently expires at 5:00 p.m. New York City
time, Thursday, June 26, 2003, unless otherwise further extended pursuant to
the terms of note exchange offer.  During this period, all Notes previously
tendered and not withdrawn will remain subject to the note exchange offer,
subject to the holder's right to withdraw his or her Notes prior to the
expiration date.

     Based on the tenders to date and assuming that the results of the note
exchange offer do not change as of the current expiration date, the number
of shares of common stock to be issued at the closing of the note exchange
offer for each $1,000 principal amount of the Notes will be 24,550.

     The note exchange offer is subject to a number of conditions set forth
in the Company's Prospectus and other note exchange offer materials.

     Questions and requests for assistance with respect to the note exchange
offer should be directed to the Company at the address, phone number or e-
mail address set forth below.

About Trans World Corporation

     Headquartered in New York City, Trans World Corporation owns and
operates three casinos in the Czech Republic.  The casinos, which operate
under the brand name "American Chance Casinos," showcase themes portraying
recognizable eras in American history.  Located in border towns, a majority
of the Company's clientele come from Germany and Austria, attracted by the
casual and exciting atmosphere and high level of personal service.

     This press release is neither an offer to purchase nor a solicitation
of an offer to sell securities.  The note exchange offer is made only
through the Prospectus dated May 14, 2003, the Agreement and Plan of
Recapitalization and the related Letter of Transmittal which have been
mailed to the Noteholders.



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Trans World Corporation
Press Release - June 20, 2003
Page 2

Trans World Corporation urges all Noteholders to carefully read the
Company's note exchange offer materials which have also been filed with the
Securities and Exchange Commission because they contain important
information about the note exchange offer.  Such materials are available
without charge upon request from the Company (write to:  Secretary, Trans
World Corporation, 545 Fifth Avenue, Suite 940, New York, New York 10017; e-
mail to pbenkley@ibetworld.com; or call collect (212) 983-3355) or may be
obtained free of charge from the SEC's website (www.sec.gov).

"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.

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