The Cambodian gaming tycoon and founder of NagaCorp, Chen Lip Keong, has passed away at the age of 75, as announced by the company.
A Monday filing on the Hong Kong Stock Exchange stated that Chen passed away on 8 December 2023 due to illness. Chen Yiy Fon, Chen Lip Keong’s son, has been redesignated as Chief Executive Officer of the Group to assume leadership of NagaCorp, with effect from 10 December 2023.
Before the redesignation, he was an executive director, and he had previously served as the Chief Executive Officer of Operations since April 5, 2022.
The firm also stated that ‘Dr. Chen had established a solid foundation for 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,’ it wrote.
Speaking with AGB, Ben Lee, managing partner of iGamiX Management & Consulting, mentioned that the industry has been anticipating this development for quite some time. “We have been monitoring chatter since the beginning of the year regarding a regime of intensive medical care in Singapore.”
In July 2022, it was revealed that the shares in NagaCorp, previously held either directly or indirectly by the company’s founder, had been transferred to a family trust created for the specific purpose of succession planning.
The founder’s demise was announced following the shift in leadership in Cambodia. Hun Sen, the long-serving prime minister with a 38-year tenure, has stepped down. Taking his place is Hun Manet, the son of Hun Sen, who now serves as the country’s prime minister.
Regarding the successor, the gaming expert, who has working experience in NagaCorp, commented that “the lack of a clearly designated successor until this development, coupled with recent changes in the government, signals interesting times ahead for Naga.”
