The online gaming company owned by one of ‘s youngest playboy billionaires is on track to surpass $5billion in annual revenue for the first time.
Laurence Escalante’s privately-owned Virtual Gaming Worlds (VGW) empire posted an almost 30 per cent jump in revenue to $2.8billion for the six months to December 31 on Monday, with net profit up 23 per cent to $207million.
The bumper results mean the company is set to break the $5billion revenue barrier this year.
Perth-based VGW, which was founded in 2010 and now sponsors the Ferrari Formula One team, is already the sixth biggest private n company in revenue terms.
It exploits a legal loophole to serve online casino games and promotional sweepstakes to players in North America, most of which involve some form of gambling.
Billionaire Laurence Escalante’s (pictured) privately-owned Virtual Gaming Worlds (VGW) empire posted an almost 30 per cent jump in revenue to $2.8billion for the six months to December 31 on Monday, with net profit up 23 per cent to $207million
It exploits a legal loophole to serve online casino games and promotional sweepstakes to players in North America, most of which involve some form of gambling (pictured: its wildly popular game Chumba Casino)
Mr Escalante, 42, has around a 65 per cent shareholding in VGW, which accounts for the majority of his estimated $3.9billion wealth on The n’ Financial Review’s Rich List, where he placed 27th this year.
The father-of-four is unafraid to spend his newfound wealth and regualrly shows off his expensive toys on Instagram, including an extensive collection of supercars, a Lamborghini Tecnomar 63 yacht and a Bombardier private jet.
The petrolhead and Formula One obsessive told shareholders on Monday he was ‘delighted’ with the profit results.
He acknowledged ‘increases in some expenses as we continue to invest in our people, customers and products’.
‘But overall, this was a pleasing outcome given the more challenging macroeconomic environment and increased competition.’
However, coverage has not been wholly positive for the entrepreneur.
Mr Escalante (pictured), 42, has around a 65 per cent shareholding in VGW, which accounts for the majority of his estimated $3.9billion wealth on The n’ Financial Review’s Rich List, where he placed 27th this year
The father-of-four is unafraid to spend his newfound wealth and regualrly shows off his expensive toys on Instagram, including an extensive collection of supercars, a Lamborghini Tecnomar 63 yacht and a Bombardier private jet (pictured)
Last August, he pleaded guilty to possessing small amounts of cocaine, ecstasy and LSD when he flew back to Melbourne in his private jet after a weekend bender in Las Vegas in May 2022.
At the time, he told n Border Force officials he had been ‘in Vegas partying with literally 20 friends’.
‘I didn’t even know that was in my bag or that I had it … that should have otherwise been disposed of before I even boarded,’ he said.
‘But, you know, three days … drunk a lot in Vegas, chucked it all in.’
He escaped a conviction and was later handed a six-month good behaviour bond at Melbourne Magistrates’ Court.
An investigation published by the n Financial Review on Tuesday heard from several anonymous investors who questioned Mr Escalante’s leadership, fearing that he would never take the company public.
‘If he had conviction recorded he wouldn’t be able to get a US visa – and wouldn’t be able to supervise the business in the US,’ one investor told the paper.
Another said: ‘His behaviour is not commensurate with a multi-billion dollar company.’
Mr Escalante lashed out at claims made in an investigation by the n Financial Review
Mr Escalante, whose nickname is Lance, hit back on Instagram.
‘Very snarking and inaccurate article,’ he wrote.
‘Thanks “early investors” for supplying lies and BS.’
He later shared a Theodore Roosevelt quote which begins ‘it is not the critic who counts’.
Mr Escalante declined to comment when approached by Daily Mail .
His first job was flipping burgers at Hungry Jacks for just $5.65 per hour as a teenager.
He reportedly studied to be an actuary at Macquarie University before later running a Christian software startup called White Knight Games.
He founded VGW in 2010. The pandemic turbocharged the company’s growth and it made more than $200million profit in 2020.
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