Escalante steps down from Virtual Gaming Worlds role after Perth arrest
The arrest of WA-based entrepreneur Laurence Escalante, one of the world’s most successful gambling technology figures, has prompted him to step down as chief executive and executive chairman of Virtual Gaming Worlds.
One of Australia’s richest gambling tech entrepreneurs Laurence Escalante has stepped down as chief executive and executive chairman of Virtual Gaming Worlds (VGW) after being charged by police over family violence and drug offences.
Escalante appeared in the Perth Magistrates Court on Friday after police searched his home last Thursday.
He faces eight charges, including aggravated home burglary, stealing, aggravated assault occasioning bodily harm, criminal damage, and persistently engaging in family violence, as well as three counts of possessing prohibited drugs with intent to sell or supply, including cocaine and MDMA.
The entrepreneur, whose wealth was estimated at $4.5 billion, was released on a $100,000 surety bond. VGW has since confirmed he has stepped down from his roles with the company.
“We are aware of the serious charges made against Mr Escalante. These are unrelated to VGW and personal in nature,” it said.
“However, we can confirm Mr Escalante will be taking a leave of absence from his role as CEO and executive chairman of VGW.
“In the interim, we have installed experienced leadership from our existing executive team to take on those responsibilities and it remains business as usual for VGW. The company takes any allegations of this nature extremely seriously. As this is a private matter and remains before the courts, we cannot comment further.”
Escalante released a personal statement in response to the serious charges.
“My arrest on these matters has come as a shock to myself and my family. From the little I know of the allegations at this stage, I can only say that they are untrue and will be defended,” he said.
Escalante’s VGW has become a global gambling powerhouse, blending social gaming and sweepstakes to monetise free-to-play online casino games.
It operates brands including Chumba Casino, Global Poker, LuckyLand Slots and LuckyLand Casino.
Founded by Escalante in 2010, VGW has built a large international profile through major partnerships, including sponsorship of the Ferrari Formula 1 team.
It recently announced a landmark multi-year deal with WWE.
Escalante returned VGW to private ownership last August in a $3.2 billion deal.
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