Before Forbes released its annual list of ‘Malaysia’s 50 Richest’ this year, local media reported that two of ten richest billionaires in Malaysia have businesses deeply related to gaming.
According to Prestige, Dr Chen Lip Keong, owner of NagaCorp and Karambunai was classified as the 6th richest individual in the nation, with a net worth of $2.8 billion.
The entrepreneur won a contract to operate a casino in Phnom Penh in 1994. That casino, NagaWorld, eventually built Chen’s fortune. NagaWorld is Cambodia’s first casino and has a license to operate until 2065. It has a guaranteed monopoly within a 200-kilometer radius of Phnom Penh until 2045, effectively meaning that it will be the only casino company in the Cambodian capital until the period expires.
NagaWorld is the largest casino resort in the Mekong region and has played an important role in Cambodia’s tourism economy.
Its parent company, NagaCorp, was listed on the Hong Kong Stock Exchange in 2006, becoming the first casino group with operations in Cambodia to do so.
Malaysia’s 7th richest person is the well-known Genting Group boss Lim Kok Thay.
Lim is the chairman and CEO of Genting, a Malaysian company known for its businesses and luxury brands in the leisure and hospitality sector. He was also the chairman and CEO of Genting Hong Kong, Asia’s largest cruise operator, until his resignation in January of last year after the company filed for liquidation because of losses caused by the collapse of its shipbuilding arm.
However, Lim remained on Forbes’ list of the richest Malaysian billionaires, with a net worth of $2.35 billion in 2022.
The group comprises Genting and its listed and unlisted companies Genting Malaysia, Genting Plantations and Genting Singapore, Genting Energy and Resorts World Las Vegas. Genting Singapore operates the famous Resorts World Sentosa, one of only two integrated resorts licensed to operate in the city.