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Resorts World Genting , RWG, Casino Gaming Fall-In Here , 2022 .
- Thread starter AhLee
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NagaCorp confirms the passing of gambling tycoon Chen Lip Keong due to illness
Citing sources, Chinese newspaper Nanyang Siang Pau on Sunday reported that Chen had died at the age of 75 in the US, but the cause of death was unknown.
By Liew Jia Teng / theedgemalaysia.com
11 Dec 2023, 10:05 am , Updated - 02:00 pm
KUALA LUMPUR (Dec 11): Hong Kong-listed NagaCorp Ltd — the largest gaming entertainment company in the Mekong Region — on Monday confirmed the passing away of its founder and senior chief executive officer Tan Sri Dr Chen Lip Keong.
“The board of directors of NagaCorp announces with great sadness that Dr Chen, the senior CEO of the group and an executive director of the company, passed away on Dec 8 (last Friday) due to illness,” according to an announcement published on the company’s portal and the website of Hong Kong Exchanges and Clearing Ltd (HKEX).
“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,” it stated.
NagaCorp said Chen had established a solid foundation of the group after more than 28 years of steady growth, while 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,” it elaborated.
Meanwhile, FACB Industries Incorporated Bhd, a Bursa Malaysia-listed mattress company owned by Chen, in a separate filing with Bursa acknowledged the late businessman for his contributions and leadership over his 29 years with the group.
“On behalf of all the employees of the group, the board expresses its deepest sorrow over the death of Tan Sri Dr Chen Lip Keong, and conveys its condolences to his family,” said the group on Monday.
Chen was the group's executive president.
Citing sources, Chinese newspaper Nanyang Siang Pau on Sunday reported that Chen had died at the age of 75 in the US, but the cause of death was unknown.
Citing sources, Chinese newspaper Nanyang Siang Pau on Sunday reported that Chen had died at the age of 75 in the US, but the cause of death was unknown.
By Liew Jia Teng / theedgemalaysia.com
11 Dec 2023, 10:05 am , Updated - 02:00 pm
KUALA LUMPUR (Dec 11): Hong Kong-listed NagaCorp Ltd — the largest gaming entertainment company in the Mekong Region — on Monday confirmed the passing away of its founder and senior chief executive officer Tan Sri Dr Chen Lip Keong.
“The board of directors of NagaCorp announces with great sadness that Dr Chen, the senior CEO of the group and an executive director of the company, passed away on Dec 8 (last Friday) due to illness,” according to an announcement published on the company’s portal and the website of Hong Kong Exchanges and Clearing Ltd (HKEX).
“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,” it stated.
NagaCorp said Chen had established a solid foundation of the group after more than 28 years of steady growth, while 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,” it elaborated.
Meanwhile, FACB Industries Incorporated Bhd, a Bursa Malaysia-listed mattress company owned by Chen, in a separate filing with Bursa acknowledged the late businessman for his contributions and leadership over his 29 years with the group.
“On behalf of all the employees of the group, the board expresses its deepest sorrow over the death of Tan Sri Dr Chen Lip Keong, and conveys its condolences to his family,” said the group on Monday.
Chen was the group's executive president.
Citing sources, Chinese newspaper Nanyang Siang Pau on Sunday reported that Chen had died at the age of 75 in the US, but the cause of death was unknown.
The company statement paid tribute to its late founder: “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.”
NagaCorp owns and operates NagaWorld, a casino-resort complex in the Cambodian capital of Phnom Penh, where it currently holds a casino license running to 2065, with a guaranteed monopoly to 2035.
After taking a hit during the pandemic, the company’s fortunes turned around and it posted a net profit of nearly $107.3 million in 2022, compared with a net loss of $147 million a year earlier, as revenue doubled to $460.7 million in 2022.
A second-generation member of an immigrant family from China, Chen grew up in the Kinta Valley tin-mining area.
He trained as a medical doctor at the University of Malaysia, but felt drawn to business.
He got into property development and making aviation parts.
In the 1990s, he went to Cambodia to explore for oil in the Gulf of Siam, but when the government tendered a casino license, Chen, who had hardly set foot inside a casino, grabbed the opportunity.
He saw it as a way to combine a steady cash flow with property development.
Chen, who called himself an accidental gambling tycoon, founded NagaCorp in 1995, launching casino operations on a leased barge on the Bassac River near Phnom Penh's Royal Palace.
In 2000, NagaCorp bought land near the barge dock and began building NagaWorld, and the casino moved onshore in 2003.
In 2006, NagaCorp became the first casino company to list on the Hong Kong stock exchange. In 2017, Chen, a fan of Lady Gaga, opened Naga 2, an opulent twin-tower extension.
Chen sought to expand his casino empire with the Primorsky Entertainment Resort City project in Vladivostok, Russia.
But last year, he pulled the plug on the partly built project after Russia invaded Ukraine and suspended work indefinitely.
In June 2023, we reported that Chen was ratcheting up succession plans for his casino company.
In a C-suite regrouping in 2022, Chen became senior CEO and appointed three of his sons, Yiy Fon, Cherchi and Yiy Hwuan as CEOs overseeing operations, finance and hotels, respectively.
To bolster the transition strategy, Chen transferred a controlling interest in NagaCorp, where he is also executive director, to a family trust.
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"Over these years, I've encountered numerous gamblers, but only two have truly earned my respect. One of them is this friend in Thailand. With just 50,000 Malaysian Ringgit, he bravely ventured into the major casinos of Macau, Genting, and Singapore.
In a short six months, he achieved a miracle and won over seven million. However, what's admirable is his sense of moderation. He knew when to stop. He chose to bid farewell to the gambling scene and relocated to Pattaya, Thailand, where he began his new life. He started a homestay and settled down with the locals, raising the next generation.
His vision and scope are realms that ordinary gamblers can never reach in their lifetime. His story isn't just a gambling victory; it's a transcendence and elevation in life."
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