VGW founder pursues AU$3.2 billion buy-out of minority shareholders
Laurence Escalante, the founder of Australian social gaming operator VWG, or Virtual Gaming Worlds, plans to become the company’s sole owner by buying out minority shareholders.
According to Financial Review, the AU$3.2 billion (US$2.08 billion)1 AUD = 0.6498 USD
2025-06-02Powered by CMG CurrenShift deal will leave Escalante as the only decision-maker. On Monday, it was revealed that Escalante’s office, the Lance East Office, offered to require the remaining shares for AU$5.05 (US$3)1 AUD = 0.6498 USD
2025-06-02Powered by CMG CurrenShift each.
Escalante currently owns around 70% of the company’s shares and has spearheaded its growth through brands like Chumba Casino, Luckyland Slots, and Global Poker.
The sweepstakes gaming model has proven controversial in the US as in many states it enables providers to skirt the regulatory oversight applied to real-money online casinos.
VGW has been facing mounting regulatory issues in the US. Montana became the first US state to ban sweepstakes casinos, while Delaware issued a cease-and-desist order to VGW Holdings in April.
VGW also recently shut down operations in states such as New York to adapt to the evolving legal landscape.
Investor tension has risen in recent months. Escalante’s response to rumors of poor corporate governance contributed to anger, prompting him to pursue a complete buyout.
Total control would allow VGW to act quickly in a hostile regulatory environment, but would also reduce outside oversight and increase pressure on Escalante to navigate legal uncertainty alone.
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