Perth-based gambling billionaire Laurence Escalante gave an expletive-laden rant to investors, telling them to sell their shares in his gaming business Virtual Gaming Worlds (VGW) if they don’t trust him.
The rant came on Telegram where Escalante faced questions about the transparency of the company’s financial reporting. Last year, VGW moved to annual reporting of its financial figures as opposed to its previous biannual reports. Investors believe the company is also slow in setting up an online investor hub, which would give more information to shareholders.
Escalante stated that “we share what we choose to share and avoid legal complications and unequal information. Don’t trust us, don’t stay shareholders.”
He accused investors of “talking shit” and directed his anger at financial advisor Ricky Saini, replying, “Can you shut the f— up Ricky Saini you don’t have any idea what the f— you’re talking about. Or any of you talking shit here have any idea what the f—- we deal with,” he said. “Nor will I tell any of you. Because that’s against the Corporations Act.”
VGW operates some of the leading sweepstakes casinos, including Chumba Casino and Luckyland Slots. The company reported a record revenue of AU$6.13 billion (approximately US$4.15 billion) last year, marking a 27% increase from 2023. That led to net profits of AU$491.6 million (about US$335 million), a 30% increase from FY2023.
Escalante holds approximately 70% of the company’s shares and is rumored to be worth AU$4.37 billion (around US$2.9 billion) as of 2025.
VGW under scrutiny
VGW is under increased scrutiny from state regulators and tax authorities. The company is under review by the Australian Taxation Office concerning its tax obligations in Australia, the U.S., and Malta, where it is licensed.
Additionally, state regulators have also been investigating the company’s sweepstakes model that allows players to gamble on the site, despite it not being licensed in the US. Delaware’s Division of Gaming Enforcement issued VGW Luckyland Inc. a cease-and-desist letter, and the company withdrew from the state last month, despite defending its legal position.
In a company statement, it wrote, “VGW stands by its online, casino-themed, free-to-play social games and sweepstakes promotions and continues to believe they comply with Delaware law, as well as the laws of all other jurisdictions in which those games continue to be offered.”
The operator also exited Michigan. Connecticut, Idaho, Washington, Montana, and Nevada due to regulatory pressure.
Escalante feeling the pressure?
The rant on Telegram was the second time in recent weeks that Escalante has made headlines for an outburst of anger. Last month, he posted on Instagram that “vindictive selfish b*tches have made incredibly destructive rumours” about his personal life.
In other posts, he wrote, “Lies live in secret, I’m the f—ing light,” and went on to add, ”I’ve got some bottom feeders to pull out of the darkness.”
In addition to state regulator scrutiny, the company has also faced numerous lawsuits. A case in Georgia was dismissed because of a lack of personal jurisdiction. The court determined that VGW’s limited interactions with Georgia residents were insufficient to establish jurisdiction under the state’s long-arm statute.
Adam is an experienced writer with years of experience in the gambling industry. He has worked as a content writer and editor for five years on sites such as Oddschecker, CoinTelegraph and Gambling Industry News, bringing excellent knowledge of the world of sports betting and online gambling. Adam focuses on emerging stories in the ever changing landscape of betting in the US. Read the latest on prediction markets, changing legislation, and sweepstakes.
