NagaCorp founder Tan Sri Dr Chen Lip Keong passes away

The late Tan Sri Dr. Chen Lip Keong - File pic

PETALING JAYA: Malaysia’s seventh richest man and casino tycoon Tan Sri Dr Chen Lip Keong passed away on Dec 8, 2023 due to an illness.

The founder of Hong Kong-listed NagaCorp Ltd was 75 years old and worth US$2.8bil, according to Forbes’ Malaysia’s 50 richest list released end-May 2023.

In a statement issued by the company, the board conveyed their condolences to his family but also expressed their gratitude and appreciation to the founder of the largest gaming company in Cambodia.

“Chen had established a solid foundation of the group after more than 28 years of steady growth. His many years of entrepreneurial, business and managerial experiences had been instrumental to the group’s success,” the statement read.

It also added that under his revolutionary leadership, the group achieved remarkable growth and development after years of careful navigation of the business and skillful and strategic management.

According to the group’s website, NagaCorp is one of most profitable gaming companies globally.

Its wholly-owned subsidiary Nagaworld owns and operates Phnom Penh’s only integrated hotel-casino complex.

The group was also the first gaming initial public offering to list on the Hong Kong stock exchange and was the first foreign-owned company with operations in Cambodia ever listed overseas.

Since its listing in 2006 to date, NagaCorp has raised the international profile of its host country, contributing to local tourism gross domestic product and attracting foreign direct investments.

“The late founder placed emphasis on managing a ‘First-World Company in a Developing Nation’ with transparency and compliance aligned to global best practices.

“Its achievement of strong financial success has declared high annual dividends and delivered growth to its shareholders,” it said.

On a separate note, the board said Chen Yiy Fon, an executive director with the company and son of the late founder, will be designated as the new chief executive officer of the group.

“He previously served as the chief executive officer of operations from April 5, 2022 and will now resume duties and responsibilities previously held by his father,” it said.

The board noted that NagaCorp will continue the group’s business operations by adhering to the business strategies laid down by the board.

“The board is of the view that the passing away of Chen will not have any material impact on the operations of the group.”