The founder of Virtual Gaming Worlds (VGW) has resigned as Executive Chairman and Chief Executive Officer, ending his 16-year leadership of the company. Laurence Escalante's resignation is effective immediately, as he stated he wishes to focus on personal matters, private business interests, investment activities, and philanthropic work through his family office.
Escalante had been on leave since January after VGW became aware of charges filed by Western Australia Police. The company has consistently stated that the allegations are unrelated to its business and are personal in nature. The charges include persistent family violence, aggravated assault, aggravated burglary, and multiple drug offenses. Prosecutors also alleged that Escalante possessed trafficable quantities of cocaine, MDMA, and ketamine with intent to sell or supply.
Following his arrest, Escalante denied the allegations in a statement. He expressed his shock at the charges and stated that they are untrue and will be defended. He requested that his and his family's privacy be respected and thanked them for their support.
VGW's leadership transition is currently underway as Laurence Escalante steps down. Senior executive Mats Johnson, who assumed the role of Acting CEO in January, will continue leading the business while VGW conducts a global search for a permanent chief executive.
The executive leadership team credited Escalante with building the company from its launch in Perth in 2010 into one of Australia's largest privately held businesses with a major presence in the United States. Johnson stated that Escalante pioneered a new social gaming category that is now a major market in the US, delivering world-class entertainment to millions of players.
Laurence Escalante's departure comes less than a year after VGW shareholders approved his bid to acquire the remaining 30% of the company he did not already own. The company operates the Chumba Casino and Luckyland Casino sweepstakes platforms, with annual revenue of approximately $4 billion.
Johnson and the existing executive leadership team will continue managing the business until a permanent CEO is appointed. The company did not provide a timeline for completing the global search. The executive leadership team has expressed their gratitude to Escalante for his achievements and contributions at VGW.
