NEW YORK Nov. 29, 1999
Trans World Gaming Corp. today announced that PSOE-PAR, the government body of the Aragon region in Spain, has given top priority to the modernization of the country's gaming laws which would have positive implications for Trans World Gaming's operations located there. The Company is hopeful that the laws will be enacted during the first quarter of 2000 as currently planned.
El Periodico De Aragon, a newspaper based in Zaragoza, Spain, stated in an article that appeared in the Sunday, November 21, 1999 issue that twenty projects will be considered for passage over a four-year term, but that "the most urgent is the law on gaming, an industry that has a turnover of ($500 million) per year.'' The article also states that the bill sets a "priority for allowing the Casino Montesblancos to move to Zaragoza''. Trans World Gaming owns and operates Casino Montesblancos and holds an exclusive gaming license in the region of Aragon which encompasses Zaragoza. The Company has been planning to relocate to the downtown area pending a change in the law.
In commenting on this positive development, Rami Ramadan, Chief Executive Officer and Chief Financial Officer of Trans World Gaming said, "We look forward to the passage of the new gaming laws with great anticipation. Moving our casino to the bustling downtown area of Zaragoza combined with the implementation of our marketing initiatives will enable us to maximize the casino's potential. With a newly elected government now in place, we are confident that this long-awaited legislation will finally be enacted. We have also been informed that deferment of the payment of taxes for Casino de Zaragoza will continue until the move has been completed in approximately one year.''
Trans World Gaming owns and operates three casinos in Europe and is preparing the opening of its fourth casino in January 2000. The Company specializes in small to medium sized casinos and gaming parlors in local venues worldwide. The Company maintains offices in New York and London.
"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 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.
Trans World Gaming Corp.
Rami S. Ramadan, CEO
Financial Communications Contact:
Lippert/Heilshorn & Associates, Inc.
Lisa D. Lettieri, VP
Klea Theoharis, AE