Virtual Gaming Worlds founder Laurence Escalante lives it up in $7.5 million Prestige Apartment complex

A gamer who found a way to compete against the world’s casino giants from a co-working desk in Perth has purchased one of WA’s most expensive properties of 2020. Laurence Escalante, founder of Virtual Gaming Worlds, bought an apartment on the South Perth Esplanade last month for $7.5 million. The luxury four-bedroom home in the Prestige Apartment complex was the equal sixth most expensive property sale of 2020. The new home marks a major step up the property ladder for the father of four, whose last housing purchase was a three-by-one house in Como, which he bought for $870,000 in 2016. The notoriously private entrepreneur, who was recently included in the Young Rich List with an $919m fortune, runs online casinos in the US. Virtual Gaming Worlds has the only legal online casino in all 50 States in the US, operating inside the world’s largest social network Facebook, with payouts made through PayPal. The 38-year-old former financial planner got the idea for the business after playing the World of Warcraft video game with his friends and wishing they could play for the chance to win prizes. Mr Escalante developed VGW from a Spacecubed co-working desk on St Georges Terrace in 2010, working with US sweepstakes and gaming lawyers to ensure it complied with American law. He launched Chumba Casino, which initially offered only slots games, two years later. The business ingeniously exploits a complex loophole in US trade marketing law, which deems his online business as a trade promotion rather than a lottery. Players buy virtual currency that come with free sweepstakes credits that can be redeemed for US dollars. In 2016 his business expanded to include Global Poker, which is now one of the most popular sites for US poker players. According to information on his website, VGW currently offers more than 30 games, including table games like blackjack and roulette His business, which is headquartered at a new office on William Street, claims to have more than 400 staff working across the globe. The company made a $72m profit last year with a revenue of $780m, with the profits enjoyed by several hundred shareholders. With analysts estimating the firm is worth $919m, the company is on the cusp of becoming a unicorn — a startup whose value reaches $1 billion. Mal Dempsey, director of Dempsey Real Estate, who sold the luxury home, said the whole floor apartment cost about $26,500 per sqm. The complex, which includes four apartments, was built by Palazzo Homes in 2013 but Mr Escalante’s apartment had never been lived in.