An privately-held online casino has raked in a $454 million net profit for the 2022 financial year, with Virtual Gaming Worlds now taking its place among Australia’s largest private companies.
Virtual Gaming Worlds’ profits were up 54 per cent, from $294.7 million the prior year, with revenue up 55 per cent to a staggering $3.46 billion.
A note sent to shareholders by CEO and founder Laurence Escalante shows the company cleared pre-tax profits of $604.1 million.
Escalante holds a 65 per cent share in the unlisted company; his shareholder note suggest an “IPO was the most likely path” to further liquidity and a North American listing is “now far more likely than the ASX”.
Virtual Gaming Worlds operates the Chumba Casino and Luckyland Slot, where customers pay real money for virtual token, which are then redeemable for cash.
Neither Chumba Casino or Luckyland Slot are available to play in Australia, which is why VGW has managed to become the country’s sixth largest privately-held company without attracting too much local buzz.
Chumba Casion bills itself as “America’s #1 social casino experience.”
