Trans World Corporation (“TWC” or the “Company”) (OTCBB: TWOC), the owner and operator of casinos in Europe, today announced the achievement of one of the best quarterly revenue results in the history of the Company, with the completion of the third quarter of 2008. TWC anticipates the release of its full quarterly and year-to-date financial results by the first week of November 2008.
In comparison to the third quarter of 2007, the Company enjoyed higher attendance, higher drop per head, and an improved win percentage, all of which translated to revenue of approximately $9.4 million for the third quarter of 2008 versus $7.5 million for the same quarter in 2007, an increase of 25%. As a result, TWC also expects strong earnings, as compared to the same period in 2007.
“We have not felt the impact of the economic crisis that other public companies are experiencing.” stated Rami Ramadan, CEO of TWC. “TWC has had a very good year so far, despite the current volatile market conditions.”
This result is due to improvements at the Company’s existing properties and its continuing efforts to expand and diversify its gaming operations. At the Route 59 Casino, close to Znojmo, Czech Republic, just 45 minutes north of Vienna, Austria, TWC’s four-star Hotel Savannah is nearing completion and is expected to open in late 2008. Additionally, a left-turn access road from the international route providing patrons with direct ingress to the casino and hotel has just been opened.
Furthermore and most significantly to TWC’s shareholders, the government of the Czech Republic has just renewed the casino license of TWC’s Czech subsidiary, American Chance Casinos, for another 10 years, thus re-affirming its faith in the stability of the Company.
Additional information about TWC and American Chance Casinos can be found at www.transwc.com or at 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.
Contacts:
Jill Yarussi, 212-983-3355
Manager of
Communications
Fax: 212-983-8129
jyarussi@transwc.com
or
Alliance
Advisors, LLC
Thomas Walsh, 212-398-3486
Vice President
Fax:
212-599-4289
twalsh@allianceadvisors.net
