8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 8-KCURRENT REPORTPURSUANT TO SECTION 13 OR 15 (d)OF THE SECURITIES EXCHANGE ACT OF 1934

November 3, 2010

(Date of earliest event reported)

Trans World Corporation

(Exact name of registrant as specified in its charter)

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

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

(212) 983-3355

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 – Financial Information

ITEM 2.02     Results of Operations and Financial Condition

On November 3, 2010, Trans World Corporation published a press release, announcing its 3^rd Quarter 2010 financial results, attached as Exhibit 99.1.

ITEM 9.01     Financial Statements and Exhibits

(d) Exhibits:

Exhibit 99.1 – Press Release dated November 3, 2010.

SIGNATURES

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 hereunto duly authorized.

	TRANS WORLD CORPORATION
November 3, 2010	By:	/s/ Rami S. Ramadan
		Rami S. Ramadan
		Chief Executive Officer and
		Chief Financial Officer

EX-99.1

Exhibit 99.1

Trans World Corporation Announces 2010 Third Quarter Financial Results

Third Quarter 2010 Financial Highlights

• Net income of $455,000, or $0.05 per diluted share
• Stockholders’ equity of $4.20 per diluted share

NEW YORK--(BUSINESS WIRE)--November 3, 2010--Trans World Corporation (“TWC” or the “Company”) (OTC BB: TWOC), a premier owner and operator of casinos and a hotel in Europe, today reported financial results for its third quarter and nine months ended September 30, 2010.

Mr. Rami Ramadan, Chief Executive Officer of TWC commented, “We were pleased to report third quarter profitability and positive cash from operations despite a number of unusual factors and have confidence that business is trending in the right direction. During the period, the 2010 FIFA World Cup negatively affected attendance, as our primary customer base consists of European fans of the event. However, once the World Cup ended on July 11^th, we saw our attendance return to projected levels. Additionally, we experienced a higher level of live game wins by our regular players. Though it negatively impacted our bottom line for the period, wins such as these are the nature of our business and integral to increasing market awareness and driving attendance.”

Mr. Ramadan continued, “Through October, we are tracking well ahead of last year’s pace in the fourth quarter, which has historically been our best in terms of business volume. We will continue to benefit also from rising patronage of our Hotel Savannah and Spa, which increases business at the adjacent Route 59 Casino. While we remain focused on generating cash and operating profitably within our existing operations, we are looking also at several opportunities in the hospitality and gaming arena including potential strategic acquisitions in Europe and the United States.”

Financial and Operating Highlights

• Third quarter 2010 revenues were approximately $8.0 million compared with $8.7 million in the same period of 2009. The $700,000 decline in revenues was primarily due to the negative impact of the 2010 FIFA World Cup mentioned above, higher live-game losses, and stronger than expected competition at one of our casinos. These factors were partially offset by the steadily improving performance at the Company’s Route 59 Casino and Hotel Savannah.
• EBITDA for the third quarter of 2010 was approximately $1.1 million as compared with $1.4 million achieved in the same quarter last year. The decrease was due to lower revenue, partially offset by cost savings. A table reconciling EBITDA, a non-GAAP (Generally Accepted Accounting Principles) financial measure, to the appropriate GAAP measure is included with the Company’s financial information below.
• Net income for the third quarter was $455,000, or $0.05 per diluted share, compared with net income of $552,000, or $0.06 per diluted share, for the same quarter a year ago. The decline was primarily due to the lower top line performance mentioned above, which was partially offset by reductions in expenses.
• For the nine months ended September 30, 2010, revenues were $24.6 million compared with $25.3 million for the 2009 period. The decrease was due to the factors mentioned above plus an unusually severe winter during the first quarter of 2010. EBITDA for the nine months was $3.2 million compared with $4.2 million for the 2009 period. Net Income was $1.2 million, or $0.14 per diluted share, compared with $2.0 million, or $0.23 per diluted share, for the 2009 period.

Balance Sheet Highlights

The Company had cash of $2.2 million at September 30, 2010 compared with $2.6 million at December 31, 2009. Total assets at September 30, 2010 were approximately $53.0 million versus approximately $53.7 million at December 31, 2009. The decline in asset value was attributable to a combination of depreciation and the impact of Czech to U.S. exchange rates on asset revaluations. Stockholders’ equity was approximately $37.4 million, or $4.20 per diluted share, compared with $35.5 million, or $3.97 per diluted share, at December 31, 2009.

As previously announced on July 12, 2010, the Company retired its unsecured promissory notes aggregating $1.6 million, which had matured on June 26, 2010, along with a total payment of $295,000 in associated deferred and accrued interest.

Conference Call

TWC will host a conference call to discuss these results at 2:00 p.m. EST today, November 3, 2010. Anyone interested in participating should call 1-877-869-3847 if calling within the United States or 1-201-689-8261 if calling internationally, approximately 10 minutes prior to 2:00 p.m. Participants should ask for the Trans World Corporation 2010 Third Quarter Financial Results conference call.

The conference call will also be webcast live via the Investor Relations section of Trans World’s website at www.transwc.com, or by clicking the following link: http://www.investorcalendar.com/IC/CEPage.asp?ID=161993.

To listen to the live call, please go the website at least 15 minutes early to register, download, and install any necessary audio software. If you are unable to listen live, the conference call will be archived on the website for 30 days.

About Trans World Corporation

Trans World Corporation, founded in 1993, is a publicly traded US corporation with all of its gaming and hotel operations in Europe. TWC’s casinos operate under the registered brand name American Chance Casinos and are strategically located in border towns in the Czech Republic and in the case of the Croatian casino that it manages, near a resort city. The Company owns and operates the Ceska and Rozvadov casinos on the Czech-German border near Regensburg, Germany; Route 59 Casino, Hotel Savannah and the Spa at Hotel Savannah on the Czech-Austrian border north of Vienna, Austria; and the Route 55 Casino on the Czech-Austrian border north of Linz, Austria. TWC also operates the Grand Casino Lav near Split, Croatia under a management contract.

Additional information about TWC and its American Chance Casinos and the Hotel Savannah, can be found at www.transwc.com, www.american-chance-casinos.com and www.hotel-savannah.com, which are not part of this release.

This press release contains certain forward-looking statements and data. Any statements and data contained herein that are not historical fact may be deemed to be forward-looking data. Without limiting the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipates,” “estimates,” or “continue” or comparable terminology or the negative thereof are intended to identify certain forward-looking statements. These statements, by their nature, involve substantial risks and uncertainties, both known and unknown, and actual results may differ materially from any future results expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements or data whether as a result of new information, future events or otherwise.

TRANS WORLD CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three and Nine Months Ended September 30, 2010 and 2009 (in thousands, except for share data)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2010			2009			2010			2009
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
REVENUES	$	7,967		$	8,735		$	24,626		$	25,292
COSTS AND EXPENSES:
Cost of revenues		4,494			4,999			13,570			13,645
Depreciation and amortization		509			626			1,495			1,615
Selling, general and administrative		2,385			2,347			7,873			7,427
		7,388			7,972			22,938			22,687
INCOME FROM OPERATIONS		579			763			1,688			2,605
OTHER EXPENSE:
Interest expense, net		(124	)		(211	)		(457	)		(566	)
NET INCOME	$	455		$	552		$	1,231		$	2,039
Weighted Average Common Shares Outstanding:
Basic		8,871,640			8,871,640			8,871,640			8,869,806
Diluted		8,919,987			8,952,423			8,919,987			8,950,589
Earnings Per Common Share:
Basic	$	0.05		$	0.06		$	0.14		$	0.23
Diluted	$	0.05		$	0.06		$	0.14		$	0.23

TRANS WORLD CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2010 and December 31, 2009
(in thousands, except for share data)
ASSETS	September 30, 2010			December 31, 2009
	(Unaudited)
CURRENT ASSETS:
Cash	$	2,216		$	2,582
Prepaid expenses		803			1,026
Notes receivable, current portion		397			225
Other current assets		606			1,897
Total current assets		4,022			5,730
PROPERTY AND EQUIPMENT, less accumulated depreciation of    $10,875 and $9,316, respectively		37,665			38,203
OTHER ASSETS:
Goodwill		6,703			6,577
Notes receivable, less current portion		1,125			1,309
Deposits and other assets		3,458			1,849
Total other assets		11,286			9,735
	$	52,973		$	53,668
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Long-term debt, current maturities	$	2,087		$	3,521
Capital lease, current portion		47			50
Accounts payable		1,619			1,206
Interest payable					218
Czech tax accrual		3,212			4,459
Accrued expenses and other current liabilities		1,387			1,659
Total current liabilities		8,352			11,113
LONG-TERM LIABILITIES:
Long-term debt, less current maturities		7,107			6,983
Capital lease, less current portion		69			57
Total long-term liabilities		7,176			7,040
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $.001 par value, 4,000,000 shares authorized,    none issued
Common stock, $.001 par value, 20,000,000 shares authorized,    8,871,640 shares, issued and outstanding, respectively		9			9
Additional paid-in capital		51,909			51,710
Accumulated other comprehensive income		9,583			9,083
Accumulated deficit		(24,056	)		(25,287	)
Total stockholders' equity		37,445			35,515
	$	52,973		$	53,668

TRANS WORLD CORPORATION AND SUBSIDIARIES EBITDA RECONCILIATION Three and Nine Months Ended September 30, 2010 and 2009 (in thousands)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2010		2009		2010		2009
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
NET INCOME	$	455	$	552	$	1,231	$	2,039
Add: Interest expense, net		124		211		457		566
Add: Depreciation and amortization expense		509		626		1,495		1,615
EBITDA	$	1,088	$	1,389	$	3,183	$	4,220
EBITDA margin (% of revenues)		13.7%		15.9%		12.9%		16.7%

Reconciliation of Non-GAAP Measures to GAAP

The Company believes that EBITDA, a non-GAAP financial measure provides useful information to its investors as well as to others who might be interested in purchasing shares of TWC common stock. This belief is based on conversations and meetings TWC’s management has had with its investors where the substance of these talks has centered around historical and prospective EBITDA measurements. Based on management’s observations, it appears that, even though the EBITDA measurement is not “GAAP,” it does enhance investors’ understanding of the Company’s business. In short, this performance measurement gives an analytic view of the Company’s operational earnings on a cash-basis, excluding the impact of debt obligations and (non-cash) depreciation and amortization.

CONTACT:
Trans World Corporation
Manager of Communications
Jill Yarussi, 212-983-3355
JYarussi@transwc.com
www.transwc.com
or
Investor Relations:
The Equity Group Inc.
Vice President
Adam Prior, 212-836-9606
APrior@equityny.com
or
Senior Account Executive
Melissa Dixon, 212-836-9613
MDixon@equityny.com
www.theequitygroup.com