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Escalante proposes A$3.2bn VGW buyout pending shareholder approval

Deals & M&A

Virtual Gaming Worlds founder Laurence Escalante is seeking to take the company private through a proposed acquisition of the remaining 30% stake, according to reports. The deal values VGW at A$3.2bn and offers shareholders A$5.05 per share in cash, Ocean BidCo shares or a combination; completion is scheduled by 15 September if conditions are met.

The proposed buyout could change VGW ownership and lets shareholders choose cash, Ocean BidCo shares or a combination.

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Enforcement & compliance

Arizona gaming department maintains VGW is operating illegally as enforcement is assessed

Arizona’s Department of Gaming reportedly said it still considers VGW’s activities illegal and is assessing possible enforcement action. The department issued a cease-and-desist order in November 2024, while VGW disputed that its sweepstakes platforms fall under state gambling laws. VGW has not commented on its continued Arizona operations, according to the report.

A spokesperson for the state's gaming regulator, Jessica Roza, said the agency's view of VGW's conduct remains that it is unlawful, and that it is weighing what enforcement steps to take. In November 2024, the Arizona Department of Gaming told VGW to stop through a cease-and-desist order. Nearly two years on, the operator of Chumba Casino, Global Poker and Luckyland Slots is said to be still running in the state.

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