Casino Operator NagaCorp’s Founder Chen Lip Keong Dead at 76
Malaysian billionaire tycoon and the father of the gaming imperium NagaCorp, Dr. Chen Lip Keong, died at age 76. The adult male in arrears Cambodia’s NagaWorld integrated resort composite spent the past tense tercet decades edifice his portfolio from the run aground up.
NagaCorp’s gameboard of directors confirmed the loss inward a Mon filing with the Hong Kong Stock Exchange (HKSE). The describe states that Chen died on Dec 8. subgenus Chen reportedly died patch inward the U.S., according to reports from the Chinese paper Nanyang Siang Pau.
The exact reason of Chen’s death is not listed. Chen’s body is reportedly still inwards the U.S., awaiting specific procedures before reverting to Malaysia. It’s likely clearance testament live given inward the next few days.
Chen was reportedly the seventh-richest adult male inward Malaysia.
Chen suffered a CVA over a decade ago.
Chen’s Word to Take Over
The board’s study also disclosed that Chen’s son, Chen Yiy Fon, will use up over the business. He was antecedently the CEO of Operations at NagaCorp and testament now live the top dog of the group of companies his male parent built, effective Dec 10.
Yiy Fon has served as the CEO of Operations since April 5, 2022. At the time, the tardily NagaCorp beginner divided control of the society among his III sons. Yiy Fon became CEO of Operations, subgenus Chen Cherchi became CEO – Finance and Treasury, and subgenus Chen Yiy Hwuan took the claim of CEO – Hotels.
NagaCorp affirmed its loyalty to sustaining business operations aligned with the board’s strategies. It didn’t provide inside information on whether Chen’s going will alter the class of the long-running workers’ strike at NagaWorld.
NagaCorp has a license to control NagaWorld that includes a 51-year monopoly cover an area of 120 miles around Phnom Penh. The permission is valid until 2065, and the monopoly is dynamic until 2045.
NagaCorp Stock Decline
Investors responded negatively to the intelligence of Chen’s death. Trading on the HKSE’s equities market, NagaCorp had been experiencing declines since the showtime of the year.
The stock has missed 15% inwards the yesteryear pentad years and 56.58% since the starting time of the year. As of this writing, it’s downward to HK$2.96 (US$0.36).
Since the midsection of November, the stock began to have some recovery. It rebounded to HK$3.92 (US$0.50) on Nov 23 before falling rearward into the downward trend. Its highest toll was on January 27, when it reached HK$7.678 (US$0.98). Since then, it has steady dropped and hitting its lowest repoint of the year, HK$3.29 (US$0.42) on Nov 1.
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