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Virtual Gaming Worlds (VGW) has announced that CEO, Executive Chairman, and founder Laurence Escalante has resigned.
Escalante, 44, had been on a leave of absence since January after being accused of breaking into his former partner’s home, assaulting her, damaging property, and stealing jewelry. The allegations, along with separate assault and drug-related charges filed earlier this year, have placed the executive under increasing public and legal scrutiny.
“Laurence started VGW 16 years ago and grew it from an innovative idea in Perth into one of Australia’s largest unlisted businesses and overseas success stories,” said Mats Johnson, who will serve as acting CEO, having previously served as a senior executive. “He pioneered a new social gaming category that is now a major market in the U.S., the largest consumer and gaming market in the world, delivering world-class entertainment to millions of players.”
He also thanked Laurence Escalante for his contributions to the company over the years and expressed confidence that its leadership team and 1,300 employees will continue to build on the company’s success.
VGW said Johnson will continue as Acting CEO while the company conducts a global search for a permanent chief executive.
Escalante’s departure also comes as the sweepstakes casino industry faces increased regulatory scrutiny in the United States, where most of VGW’s customers are located. VGW was taken private by Escalante’s family office last year. Before the transaction, Escalante owned more than 70% of the company.