Last week, “with great sadness,” Cambodian gaming operator NagaCorp Ltd. announced the passing of its founder, CEO and executive director Chen Lip Keong. The Malaysian tycoon, with a net worth of $1.3 billion, was 75.
In a statement, the company hailed Chen’s “many years of entrepreneurial, business and managerial experiences,” which were “instrumental to the group’s success.”
“Under Dr. Chen’s visionary leadership, the group has been achieving remarkable growth and development after years of careful navigation of the business and skillful and strategic management,” the statement continued.
NagaCorp owns and operates NagaWorld, a sprawling integrated resort complex in the Cambodian capital of Phnom Penh.
Forbes magazine called Chen an “accidental billionaire” who trained to be a doctor but was “drawn to business” and launched his empire in real estate development and manufacturing aviation parts. In the mid-1990s, with no gaming experience, he applied for and won the casino license in Cambodia.
NagaWorld started as an offshore casino barge, and later moved ashore. Chen also planned an IR project in Russia’s Primorsky casino zone, in Vladivostok. But in 2022, he withdrew from the unfinished project after Russia’s invasion of Ukraine.
His son, Chen Yiy Fon, was named CEO in an appointment that was effective December 10. He previously served as the CEO of operations for the company.
According to Inside Asian Gaming, NagaCorp said Chen’s passing will have no impact on recent loans and subscription agreements he had provided to the company, including a US$80 million shareholders’ loan in October. The loan was critical to the refinancing of outstanding notes that will come due in 2024.
With the exception of the appointment of the new CEO, the company said it doesn’t expect changes in leadership. “The current management team continues to receive the full support of the board,” the company said. “The senior management under the leadership of Mr. Chen Yiy Fon will continue to lead the company to success by adhering to the business strategies laid down by the board.”
