NagaCorp Draws on Founder’s Loan to Repay Debts

A US$70 million loan has been obtained by NagaCorp, a casino operator listed in Hong Kong, from a trust established by its late founder, Dr. Chen Lip Keong.

NagaCorp plans to use the funding to help pay off outstanding notes that are due in 2024.

The company is “confident” that it will pay the whole amount due. The Sakai Trustee, Dr. Chen’s family trust, which owns most of NagaCorp, is the parent company of the loan.

The loan agreement’s feasibility came into question after Dr. Chen passed away in January. NagaCorp, however, made sure that it continued.

This report follows the termination of Dr. Chen’s son Chen Cherchi by NagaCorp. Chen Cherchi was appointed CEO of Finance and Treasury in 2022.

Original Story by: Inside Asian Gaming