NagaCorp announces passing of founder Chen Lip Keong

Chen Lip Keong, the founder and senior CEO of NagaCorp Ltd., passed away on Friday. The company said that illness was the cause of his death.

With its NagaWorld complex, Mr. Chen—who was 75 years old at the time of the company’s 2022 annual report—played a key role in securing NagaCorp’s position as the only operator of a casino in Phnom Penh, Cambodia. The company was also working on creating a casino resort in Russia, but construction has since been put on hold.

“Great sadness” was expressed by NagaCorp, which also acknowledged Mr. Chen’s achievements. Mr. Chen laid a solid basis for the firm and led it to sustained growth for more than 28 years. His managerial, business, and entrepreneurial abilities were mentioned as being essential to the company’s success.

Chen Yiy Fon, Mr. Chen’s son and an executive director of the company, was appointed the group’s new CEO after his death.

In July 2022, NagaCorp had previously announced that the founder’s shares had been moved to a family trust created for succession planning. The passing of Mr. Chen coincides with a change in the political landscape in Cambodia, as long-serving Prime Minister Hun Sen steps down after 38 years in government and is replaced as prime minister by his son, Hun Manet.

Original story by: GGRAsia