Dividend pushes Escalante over $4bn

Online gaming company VGW has continued to deliver for shareholders, led by founder Laurence Escalante, with its latest dividend bringing the financial year total to $360 million.

With Mr Escalante’s share of the pie being about 70 per cent, his estimated net wealth would be pushed over the $4 billion mark by the June dividend alone, adding about $100 million to a total of $250 million for the past financial year.

In the inaugural Business News Rich List, Mr Escalante was valued at about $3.9 billion.

The dividends reflect the strong growth displayed in past financial reports, suggesting VGW Holdings is on track to continue that.

It posted a $207 million profit for the first half of the financial year, describing it as a pleasing result in a challenging environment with increased competition.

VGW reported revenue of $2.8 billion for the six months to December 31, up 29 per cent from the prior corresponding period.

If the Perth business continued that trajectory, it would be on track to crack $5 billion in revenue for the first time after reporting $4.84 billion in revenue last financial year.

The dividend announced this week was 23 cents per share, or $144 million, following a 15 cent dividend in February and a 19 cent dividend in October.