The passing in December 2023 of NagaCorp founder Chen Lip Keong inevitably raised many questions about the company’s future and specifically whether the four sons he left behind in executive positions could continue his legacy.
Those questions grew louder when one of those sons, Chen Cherchi, was bounced from his role as CEO – Finance and Treasury in May 2024, with NagaCorp noting at the time that Cherchi and the Board of Directors had disagreed over certain strategic directions of the company.
Importantly, his departure consolidated Dr Chen’s second son, CEO and Executive Director Chen Yiy Fon, as the new man in charge. That he holds a larger stake in the company than his brothers – 8.3% versus the 6.6% each was allocated when Dr Chen transferred his controlling interest to the family trust in 2022 – doesn’t hurt either.
Under Yiy Fon’s guidance, NagaCorp has successfully navigated the maturation of its US$472 million US dollar bond in mid-2024 and in recent months has enjoyed a startling return to form – reporting a 30% year-on-year increase in gross gaming revenues through the first nine months of 2025 to US$532 million.
A planned foray into Russia that has instead resulted in a US$95 million impairment remains a frustrating misstep for the company but with the impressive looking Naga3 development still on the horizon, does it really matter?
