• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 7 September 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

NagaCorp terminates employment of founder’s son Chen Cherchi

Ben Blaschke by Ben Blaschke
Fri 17 May 2024 at 05:45
We’re Back!

NagaWorld

184
SHARES
4.6k
VIEWS
Print Friendly, PDF & Email

Chen Cherchi, one of three sons of founder Chen Lip Keong appointed to senior executive positions at NagaCorp in early 2022, has been terminated as CEO – Finance and Treasury, just weeks after assuming a 6.6% stake in the company.

NagaCorp said via a Hong Kong Stock Exchange filing that Cherchi’s departure was effective as of 16 May 2024 and was done “to streamline the internal corporate governance and management structure to efficiently and effectively continue the Group’s business operations and adhere to the business strategies laid down by the Board.”

It also referenced “possible disagreement [by Cherchi] over the termination of his employment by the Board”, confirming Cherchi will no longer hold any position with the company or its subsidiaries and will cease to be a director of subsidiaries NagaGroup Global Limited and NagaCap Limited.

Cherchi was one of three sons of Dr Chen, who passed away in January, to be appointed to the company’s senior management team in 2022, with Chen Yiy Fon named CEO – Operations and Chen Yiy Hwuan CEO – Hotels.

Two months later Dr Chen transferred a controlling 69.23% stake in NagaCorp to his family trust, The Sakai Trust. He passed away in January of this year after a long battle with illness.

The removal of Cherchi as one of NagaCorp’s three CEOs comes just weeks after Hong Kong Stock Exchange filings revealed the dispersion of shares held by The Sakai Trust to the family, with Yiy Fon given the largest allocation of 368 million shares or 8.3% of NagaCorp, worth around MYR1 billion (US$213 million).

Cherchi and three other of Dr Chen’s sons were each granted 291 million shares or 6.6% of the company, worth around MYR800 million (US$170 million) for each son.

NagaCorp recently reported Adjusted EBITDA of US$80.4 million in 1Q24 on gross gaming revenues of US$145.4 million, up 23.7% year-on-year.

RelatedPosts

Sons of NagaCorp founder Chen Lip Keong join Forbes list of Malaysia’s richest

Surging mass market sees NagaCorp gaming revenues, profit enjoy double-digit growth in 1H25

Tue 26 Aug 2025 at 05:30
Donaco looks inward as Lee Bug Huy named new CEO

Donaco’s Star Vegas impacted by Thai border closures in June quarter as revenue, profit falls

Wed 30 Jul 2025 at 10:32
Cambodia’s Hun Sen expected to hand over to son Hun Manet after maintaining power in controversial election

Exiled Cambodian opposition leader alleges Hun Sen’s Thailand fight sparked by fear of losing casino, scam-based revenue streams

Sun 29 Jun 2025 at 17:49
Foreign tourists among those banned by Thailand from travelling to Cambodia to gamble

Foreign tourists among those banned by Thailand from travelling to Cambodia to gamble

Tue 24 Jun 2025 at 06:02
Load More
Tags: Cambodiachen lip keongCherchi ChenNagaCorpNagaWorld
Share74Share13
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
NWR

Related Posts

Vietnam’s new Van Don integrated resort project scheduled for 2032 opening

Vietnam’s new Van Don integrated resort project scheduled for 2032 opening

by Ben Blaschke
Sat 6 Sep 2025 at 09:34

A new US$2 billion integrated resort to be built by Vietnamese development giant Sun Group in Van Don, Quang Ninh Province is planned to open in 2032, the company has informed Vietnam’s central government. The update, reported by local media...

IAG announces 19 sponsors of IAG EXPO’s Manila After Dark Official Welcome Event at Newport World Resorts on Monday 8 September

IAG announces 19 sponsors of IAG EXPO’s Manila After Dark Official Welcome Event at Newport World Resorts on Monday 8 September

by Newsdesk
Fri 5 Sep 2025 at 10:26

Inside Asian Gaming is delighted to announce a total of 19 sponsors for Manila After Dark (MAD) next Monday 8 September – the official welcome event for IAG EXPO, taking place at Manila’s Newport World Resorts. Running from 8 to 10 September,...

MGM Cotai

Bill Hornbuckle: Macau promotional environment now locked in place despite rapid return of VIPs

by Ben Blaschke
Fri 5 Sep 2025 at 06:45

Macau’s notoriously aggressive promotional environment has settled into a rhythm, according to MGM Resorts CEO and President Bill Hornbuckle – despite competition in the premium gaming segments rising as former junket players return to the city in swathes. Hornbuckle discussed...

AGEM Index up 14.4% in October on Aristocrat, Light & Wonder stock price gains

AGEM Index grows 5% in August as Konami, Aristocrat show strong stock performance

by Newsdesk
Fri 5 Sep 2025 at 05:56

The AGEM Index – a monthly stock performance guide comprising 10 global gaming suppliers – grew by 5.0% month-on-month or 93.66 points to 1,983.73 points in August, with Konami seeing the largest positive contribution. Konami had only last month been...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English