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Malaysia Billionaire with $2.8 Billion Fortune & Founder of Hong Kong-Listed $1.68 Billion Gaming Group NagaCorp Chen Lip Keong Dies at Age 75 Due to Illness on 8th December 2023, Operates the Only Integrated Hotel & Casino Entrainment Complex in Cambodia Phnom Penh, His Son Chen Yiy Fon Appointed as NagaCorp New CEO
16th December 2023 | Hong Kong
Malaysia billionaire with $2.8 billion fortune and founder of Hong Kong-listed $1.68 billion (15/12/23 market value gaming) gaming group NagaCorp Chen Lip Keong has died at age 75 due to illness on 8th December 2023. NagaCorp (NagaWorld) operates the only integrated hotel & casino entrainment complex in Cambodia Phnom Penh. His son Chen Yiy Fon has been appointed as NagaCorp new CEO (10/12/23). About NagaCorp: “NagaCorp Ltd. (“The Company”) is one of the world’s most profitable gaming companies, and the largest gaming entertainment company in the Mekong Region. Its wholly-owned subsidiary NagaWorld owns, manages and operates Phnom Penh’s only integrated hotel-casino entertainment complex, which owns a casino license with a 70-year tenure (until 2065) and a 51-year monopoly within a 200 km radius of Phnom Penh (until 2045).” NagaCorp on Passing of Founder Chen Lip Keong: “The board of directors (“Board”) of NagaCorp Ltd. (“Company”, and together with its subsidiaries, “Group”) announces with great sadness that Tan Sri Dr. Chen Lip Keong (“Dr. Chen” or the “Founder”), the Senior Chief Executive Officer of the Group and an executive director of the Company, passed away on 8 December 2023 due to illness. On behalf of all employees of the Group, the Board would like to express its deepest sorrow on the passing away of Dr. Chen and convey its deepest condolences to his family. The Board would also like to express its heartfelt gratitude and appreciation to Dr. Chen for his invaluable leadership, guidance and contribution to the Group during his tenure of office. Dr. 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. 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 Board also announces the re-designation of Mr. Chen Yiy Fon, an executive director of the Company, with effect from 10 December 2023, as the new Chief Executive Officer of the Group to assume leadership of the Company and to assume the duties and responsibilities previously held by Dr. Chen. Mr. Chen Yiy Fon is a son of Dr. Chen and has previously served as the Chief Executive Officer — Operations of the Company since 5 April 2022.”
“ Malaysia Billionaire with $2.8 Billion Fortune & Founder of Hong Kong-Listed $1.68 Billion Gaming Group NagaCorp Chen Lip Keong Dies at Age 75 Due to Illness on 8th December 2023, Operates the Only Integrated Hotel & Casino Entrainment Complex in Cambodia Phnom Penh, His Son Chen Yiy Fon Appointed as NagaCorp New CEO “
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Malaysia Billionaire with $2.8 Billion Fortune & Founder of Hong Kong-Listed $1.68 Billion Gaming Group NagaCorp Chen Lip Keong Dies at Age 75 Due to Illness on 8th December 2023
NagaCorp Ltd. (“The Company”) is one of the world’s most profitable gaming companies, and the largest gaming entertainment company in the Mekong Region. Its wholly-owned subsidiary NagaWorld owns, manages and operates Phnom Penh’s only integrated hotel-casino entertainment complex, which owns a casino license with a 70-year tenure (until 2065) and a 51-year monopoly within a 200 km radius of Phnom Penh (until 2045). The Company was the first gaming IPO on the Hong Kong Exchange, and was the first foreign-owned company with operations in Cambodia ever listed overseas. Since its listing in 2006 to date, NagaCorp has achieved significant success in private-public sector cooperation. It has raised the international profile of its host country, contributing to local tourism Gross Domestic Product (GDP) and attracting Foreign Direct Investments (FDI).
Its founder and controlling shareholder Tan Sri Dr. Chen Lip Keong’s emphasis on managing a “First-World Company in a Developing Nation” with transparency and compliance aligned to global best practices sets the standard of governance for the Company; in addition, over the years, the Company’s achievement of strong financial success has declared high annual dividends and delivered growth to its shareholders.
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