The online gaming company owned by one of Australia’s youngest playboy billionaires is on track to surpass $5 billion in annual revenue for the first time.
Laurence Escalante’s privately owned Virtual Gaming Worlds (VGW) empire on Monday reported revenue up almost 30 percent to $2.8 billion for the six months ended December 31, with net profit rising by 23 percent to $207 million.
These stellar results mean the company is poised to cross the $5 billion revenue mark this year.
Perth-based VGW, founded in 2010 and now sponsoring the Ferrari Formula One team, is already Australia’s sixth-largest private company by revenue.
It exploits a legal loophole to offer online casino games and promotional sweepstakes to players in North America, most of which involve some form of gambling.
Mr Escalante, 42, owns about 65 per cent of shares in VGW, which accounts for the majority of his estimated $3.9 billion fortune on the Australian Financial Review’s rich list, where he ranked 27th this year.
The privately owned Virtual Gaming Worlds (VGW) empire of billionaire Laurence Escalante (pictured) on Monday recorded a nearly 30 percent rise in revenue to $2.8 billion for the six months ended December 31, with net profit up 23 percent to $207 million.
Mr Escalante, 42, owns about 65 per cent of shares in VGW, which accounts for the majority of his estimated $3.9 billion fortune on the Australian Financial Review’s rich list, where he ranked 27th this year.
The father-of-four isn’t afraid to spend his new wealth and regularly shows off his expensive toys on Instagram, including an extensive collection of supercars, a Lamborghini Tecnomar 63 yacht and a Bombardier private jet.
The car enthusiast and Formula 1 enthusiast told shareholders on Monday he was “delighted” with the financial results.
He acknowledged “an increase in some expenses as we continue to invest in our people, our customers and our products.”
“But overall, this result is satisfactory given a more difficult macroeconomic environment and increased competition.”
However, the media coverage has not been entirely positive for the entrepreneur.
The father-of-four isn’t afraid to spend his newfound wealth and regularly shows off his expensive toys on Instagram, including an extensive collection of supercars (pictured above), a Lamborghini Tecnomar 63 yacht and a Bombardier private jet (pictured above -below).
Mr Escalante (pictured), 42, owns about 65 per cent of shares in VGW, which accounts for the majority of his estimated $3.9 billion fortune on the Australian’ Financial Review’s rich list, where he ranked 27th this year.
Last August he pleaded guilty to possessing small quantities of cocaine, ecstasy and LSD when he returned to Melbourne in his private jet after a weekend in Las Vegas in May 2022.
At the time, he told Australian Border Force officials he was “in Las Vegas partying with literally 20 friends.”
“I didn’t even know it was in my bag or that I had it… which otherwise would have had to be disposed of before I even boarded,” he said.
“But, you know, three days… I drank a lot in Vegas, I threw it all away.”
He escaped conviction and was later ordered on a six-month good behavior bond in the Melbourne Magistrates’ Court.
A investigation published by the Australian Financial Review on Tuesday, several anonymous investors questioned Mr Escalante’s leadership, fearing he would never take the company public.
“If he had been convicted, he would not be able to obtain a US visa – and would not be able to supervise his activities in the US,” one investor told the newspaper.
Another said: “His behavior is not comparable to that of a multi-billion dollar company. »
The father-of-four’s new luxury Perth apartment features a balcony with stunning views of Swan River and the city skyline.
Among Mr. Escalante’s many designer items is this diamond-encrusted Rolex
Mr Escalante attacked claims made in an investigation by the Australian Financial Review.
Mr. Escalante, whose nickname is Lance, hit back on Instagram.
“Very sarcastic and inaccurate article,” he wrote.
“Thanks to the “early investors” for providing lies and nonsense.”
He then shared a quote from Theodore Roosevelt that began with “it’s not the criticism that counts.”
Mr Escalante declined to comment when approached by Daily Mail Australia.
His first job was making hamburgers at Hungry Jacks for just $5.65 an hour when he was a teenager.
He reportedly studied to become an actuary at Macquarie University before later running a Christian software startup called White Knight Games.
He founded VGW in 2010. The pandemic accelerated the company’s growth and it made a profit of more than $200 million in 2020.