8-K

                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C.  20549

                                   FORM 8-K

                                CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15 (d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934

                                 June 26, 2003
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                       (Date of earliest event reported)


                            Trans World Corporation
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            (Exact name of registrant as specified in its charter)


     Nevada                            0-25244                  13-3738518
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(State or other jurisdiction    (Commission file number)      (IRS Employer
      of incorporation)                                     Identification No.)


545 Fifth Avenue, Suite 940, New York, New York                    10017
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  (Address of principal executive offices)                       (Zip Code)

                                (212) 983-3355
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             (Registrant's telephone number, including area code)


                                Not Applicable
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             (Former name, former address and former fiscal year,
                        if changed since last report)






                                  Page 1 of 3
                        Exhibit Index appears on Page 2



ITEM 5.   Other Events and Required FD Disclosure.

     On May 14, 2003, the Registrant commenced its note exchange offer
pursuant to which the Registrant offered to the holders of its 12% Senior
Secured Notes due March 17, 2005 (the "Notes") to exchange the Notes for
22,640 (or more under certain circumstances) shares of its common stock or
$1,000 principal amount Variable Rate Promissory Notes due 2010, and, to
certain tendering Noteholders who have not received certain past interest
payments on the Notes, the 8% Promissory Notes due 2006.

     On June 10, 2003, the Registrant announced that it extended the
expiration date of its note exchange offer from 5:00 p.m. New York City time
on Wednesday, June 11, 2003, to 5:00 p.m. New York City time, on Thursday,
June 26, 2003, unless otherwise extended.

     On June 26, 2003, the Registrant announced that the note exchange offer
expired at 5:00 p.m. on Thursday, June 26, 2003.  The Registrant also
announced that all $20.0 million principal amount of the Notes had been
tendered and that the Registrant had accepted all tendered Notes for exchange.
A copy of the Registrant's press release announcing the expiration of the note
exchange offer is attached as Exhibit 99.1.


ITEM 7.   Financial Statements, Pro Forma Financial Information and Exhibits.


Exhibit Number                          Description
- --------------                          -----------

99.1                          Press Release dated June 26, 2003.




















                                      2




                                  SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                  TRANS WORLD CORPORATION




Date:  June 27, 2003              /s/  Rami S. Ramadan
                                  _____________________
                                  Rami S. Ramadan
                                  Chief Executive Officer and
                                  Chief Financial Officer






























                                      3

EX-99.1

                                                                 Exhibit 99.1




                           TRANS WORLD CORPORATION
                     ANNOUNCES THE SUCCESSFUL COMPLETION
                         OF ITS NOTE EXCHANGE OFFER



     NEW YORK - (BUSINESS WIRE) - June 26, 2003 - Trans World Corporation
(OTC:TWCP.OB - News), the owner and operator of three casinos in the Czech
Republic, announced today that the note exchange offer for all of its $20.0
million principal amount of 12% Senior Secured Notes due March 17, 2005
("Notes") expired at 5:00 p.m. New York City time, on Thursday, June 26, 2003
(the "expiration date").  As of the expiration date, all $20.0 million
principal amount of the Notes had been tendered and accepted for exchange by
the Company.

     As of the expiration date, Notes in the principal amount of $18,450,000
had been tendered for shares of the Company's common stock and Notes in the
principal amount of $1,550,000 had been tendered for $1,550,000 aggregate
principal amount of the Variable Rate Promissory Notes due 2010.  Accordingly,
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,
for a total of 452,797,000 shares.

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.

     "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.


Contact:

   Trans World Corporation, New York
   Rami S. Ramadan, 212/983-3355