The online gaming company owned by one of Australia’s youngest playboy billionaires is on track to surpass $5 billion in annual turnover for the first time.
Laurence Escalante’s privately held Virtual Gaming Worlds (VGW) empire on Monday posted a nearly 30 percent rise in revenue to $2.8 billion for the six months to December 31, while net profit rose 23 percent to $207 million.
The record results mean the company will break the $5 billion revenue mark this year.
Perth-based VGW, which was founded in 2010 and now sponsors the Ferrari Formula 1 team, is already the sixth-largest private Australian company by turnover.
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 percent of shares in VGW, which makes up the bulk of his estimated $3.9 billion fortune on The Australian’ Financial Review’s Rich List, where he ranked 27th this year .
Billionaire Laurence Escalante’s (pictured) private Virtual Gaming Worlds (VGW) empire on Monday posted a nearly 30 percent rise in revenue to $2.8 billion for the six months to December 31, while net profit rose 23 percent to $207 million.
Mr Escalante, 42, owns about 65 percent of shares in VGW, which makes up the bulk 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 is not 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 petrolhead and Formula 1 obsessive told shareholders on Monday that he was ‘delighted’ with the profit results.
He acknowledged that “some costs have increased as we continue to invest in our people, customers and products.”
‘But overall this was a pleasing result given the more challenging macroeconomic environment and increased competition.’
However, the reporting is not entirely positive for the entrepreneur.
The father of four is not 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 below)
Mr Escalante (pictured), 42, owns about 65 percent of VGW, which makes up the bulk of his estimated $3.9 billion fortune on The Australian’ Financial Review’s Rich List, where he was named this year 27th place finish.
Last August, he pleaded guilty to possessing small amounts of cocaine, ecstasy and LSD as he flew back to Melbourne on his private jet after a weekend away in Las Vegas in May 2022.
At the time, he told Australian Border Force officials he was “in Vegas partying with literally 20 friends.”
“I didn’t even know that was in my bag or that I had it… that would have had to be thrown away before I even boarded,” he said.
“But you know, three days… drinking a lot in Vegas, throwing everything in.”
He escaped conviction and was later given a six-month good behavior bond at the Melbourne Magistrates’ Court.
A research published by the Australian Financial Review on Tuesday heard from several anonymous investors who questioned Mr Escalante’s leadership, fearing he would never take the company public.
“If a conviction had been recorded, he would not be able to obtain a US visa – and he would not be able to monitor activities in the US,” one investor told the newspaper.
Another said: ‘His behavior is not consistent with that of a multi-billion dollar company.’
Father-of-four’s new luxury apartment in Perth has a balcony with stunning views of the Swan River and city skyline
Among Mr. Escalante’s many designer items is this diamond-encrusted Rolex
Mr Escalante lashed out at claims made in an Australian Financial Review investigation
Mr. Escalante, whose nickname is Lance, hit back on Instagram.
“Very snarky and inaccurate article,” he wrote.
‘Thank you “early investors” for pushing lies and BS.’
He later shared a quote from Theodore Roosevelt that begins, “it’s not the critic who counts.”
Mr Escalante declined to comment when contacted by Daily Mail Australia.
His first job as a teenager was flipping burgers at Hungry Jacks for just $5.65 an hour.
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 boosted the company’s growth, and in 2020 it made more than $200 million in profits.