Nature of Business

12 Months Ended

Dec. 31, 2015

Nature of Business

Nature of Business

NOTE 1 - Nature of Business

Trans World Corporation and Subsidiaries (collectively, “TWC” or the “Company”), a Nevada corporation, is primarily engaged in the gambling business in the Czech Republic and recently in the hospitality business in Germany.

The Company owns and operates three casinos in the Czech Republic (“CZ”), all under the American Chance Casinos (“ACC”) brand.  One casino is located in the western part of the CZ, close to the German border, in Ceska Kubice (“Ceska”), which currently has 15 gaming tables and 100 slot machines.  The other two casinos are located in the southern part of the CZ, close to the Austrian border.  The larger of these two, “Route 55,” located in Dolni Dvoriste, has 21 gaming tables and 138 slot machines.  The other casino, “Route 59,” is located in Hate, near Znojmo, and currently has 23 gaming tables and 144 slot machines.  In addition to the Czech casinos, TWC also owns and operates a 77-room, European four-star deluxe hotel, the Hotel Savannah, which is physically connected to our Route 59 casino, and also a full-service spa, the Spa at Savannah (the “Spa”), which is operated by an independent contractor and is attached to the hotel.

On September 10, 2014, TWC acquired Hotel Columbus, a 117-room, four-star hotel, located in Seligenstadt, Germany, near Frankfurt.  Although the transaction closed, and the Company acquired the Hotel Columbus on September 10, 2014, the signing parties agreed to set the acquisition date retroactive to September 1, 2014, which had no impact on the purchase price.

On June 16, 2015, TWC also acquired Hotel Freizeit Auefeld, a 93-room, four-star hotel, located in Hann. Münden, Germany, about a two-hour drive north of Frankfurt.  Although the transaction closed, and the Company acquired the hotel on June 16, 2015, the signing parties agreed to set the acquisition date retroactive to June 1, 2015, which had no impact on the purchase price.