NagaCorp Founder Dr Chen Lip Keong Passes Away At 76

Dr Chen Lip Keong, a 76-year impaired multi-millionaire from Malaysia and founding father of NagaCorp, the Hong Kong-listed casino operator, died on December 8 then shedding his combat with malady, in line with the company’s remark. As well as, on the era of his dying, he possessed a web usefulness of $1.3 billion.

Dr Chen’s Background:

Raised as a member of the second-generation of a Chinese language immigrant society, his house was once to start with Kinta Valley, a tin-mining patch. As well as, Dr Chen studied medication on the College of Malaysia, then again, he felt a remove against trade.

Moreover, he was once concerned within the manufacturing of flying portions and attribute construction. All over Nineties, he determined to progress on a travel to Cambodia in seek of oil within the Gulf of Siam. Alternatively, once the federal government presented a license for a casino, Dr Chen, who had by no means visited a casino till upcoming, jumped on the prospect. For him, it was once a chance to mix “steady cash flow with the property development.”

On a indistinguishable word, the unintentional multi-millionaire, a self-proclaimed title, formally established the aforementioned NagaCorp all over 1995, working a casino on a chartered barge on the Bassac River related to the Phnom Penh’s Royal Palace. All over 2000, NagaCorp bought land related to the barge dock and began establishing NagaWorld, and the casino switched to the mainland all over 2003. Upcoming, all over 2006, NagaCorp succeeded in changing into the first casino company to “list on the Hong Kong stock exchange.” In spite of everything, all over 2017, Dr Chen was once in a position to visible a sumptuous “twin-tower extension.”

Additionally, the Primorsky Leisure Hotel Town undertaking in Vladivostok, Russia, was once one of the crucial targets of Dr Chen, who additionally sought after to lengthen its casino kingdom. Alternatively, in 2022, he halted the partly built undertaking indefinitely following Russia’s invasion of Ukraine, in line with the Forbes.

In its actual press leave, the company paid tribute to its past due founder, declaring: “His many years of entrepreneurial, business and managerial experiences had been instrumental to the group’s success. Under Dr. Chen’s visionary leadership, the group has been achieving remarkable growth and development after years of careful navigation of the business and skillful and strategic management.”

Succession plans:

All over June of this 12 months, Forbes additionally seen that he was once getting ready “succession plans“ for his casino company. On this regard, in 2022 C-suite reshuffle, Dr Chen officially assumed the location of Senior Government Director and named 3 of his sons as CEOs to in my view monitor finance, operations and lodges. To make stronger the transition plans, he passed over a controlling stake within the NagaCorp to a society agree with.

Then his dying, Yiy Fon was once reappointed as CEO of the NagaCorp, which got here into power from December 10. On this regard, NagaCorp mentioned: “Yiy Fon, 41, who has headed operations since April 2022, will assume the leadership duties and responsibilities previously held by Chen.”

In addition, at the time of his death, he possessed a net worth of $1.3 billion.Dr Chen’s Background:Raised as a member of the second-generation of a Chinese immigrant family, his home was initially Kinta Valley, a tin-mining region. In addition, Dr Chen studied medicine at the University of Malaysia, however, he felt a pull towards business. Furthermore, he was involved in the production of aviation parts and property development. During 1990s, he decided to go on a trip to Cambodia in search of oil in the Gulf of Siam. However, as soon as the government offered a license for a casino, Dr Chen, who had by no means visited a casino until then, jumped at the chance. For him, it was an opportunity to blend “steady cash flow with the property development.

“On a related note, the accidental tycoon, a self-proclaimed name, officially established the aforementioned NagaCorp during 1995, operating a casino on a chartered barge at the Bassac River close to the Phnom Penh’s Royal Palace. During 2000, NagaCorp purchased land close to the barge dock and started constructing NagaWorld, and the casino switched to the mainland during 2003. Then, during 2006, NagaCorp succeeded in becoming the 1st casino firm to “list on the Hong Kong stock exchange.” Finally, during 2017, Dr Chen was able to open a luxurious “twin-tower extension.”Moreover, the Primorsky Entertainment Resort City project in Vladivostok, Russia, was one of the goals of Dr Chen, who also wanted to extend its casino kingdom. However, in 2022, he halted the partially constructed project indefinitely following Russia’s invasion of Ukraine, according to the Forbes.In its latest press release, the firm paid tribute to its late founder, stating: “His many years of entrepreneurial, business and managerial experiences had been instrumental to the group’s success. Under Dr. Chen’s visionary leadership, the group has been achieving remarkable growth and development after years of careful navigation of the business and skillful and strategic management.”Succession plans:During June of this year, Forbes also revealed that he was preparing “succession plans” for his casino firm. In this regard, in 2022 C-suite reshuffle, Dr Chen formally assumed the position of Senior Executive Director and named 3 of his sons as CEOs to individually oversee finance, operations and hotels. To strengthen the transition plans, he handed over a controlling stake in the NagaCorp to a family trust.After his death, Yiy Fon was reappointed as CEO of the NagaCorp, which came into force from December 10.