NagaCorp Ltd, operator of Cambodia’s only integrated resort NagaWorld, has announced the passing of its founder, Dr Chen Lip Keong.
In a Monday morning filing, NagaCorp said Dr Chen passed away on 8 December 2023 due to illness. One of his five sons, Chen Yiy Fon, has been redesignated as CEO of the NagaCorp group. Chen Yiy Fon, who has served as CEO – Operations of the company since 5 April 2022, will assume the leadership duties and responsibilities previously held by Dr Chen, NagaCorp explained.
“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 company said in the filing.
“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 skilful and strategic management.”
NagaCorp said it will continue the group’s business operations by adhering to the business strategies laid down by the Board.
While news of Dr Chen’s passing this last Friday comes as a surprise, he was known to be suffering from ill health and been actively putting a succession plan in place, announcing last year a “re-designation” of senior management that saw three of his sons appointed joint CEOs.
Just a few months later he transferred a controlling 69.23% stake in NagaCorp to his family trust.
More recently he issued a US$80 million shareholder’s loan to NagaCorp in order to help alleviate pressure from an outstanding bonds deadline.
IAG recently named Dr Chen as the 14th most influential person in the Asian gaming industry in the 2023 Asian Gaming Power 50, suggesting his absence will leave sizeable shoes to fill in the months and years ahead.
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