NagaCorp Ltd, the operator of Cambodia’s exclusive integrated resort NagaWorld, has announced the passing of its visionary founder, Dr. Chen Lip Keong. This unexpected development brings about significant changes in leadership, with one of Dr. Chen’s sons, Chen Yiy Fon, stepping into the role of CEO for the NagaCorp group. The company, in a filing on Monday morning, shared the details of Dr. Chen’s demise on 8 December 2023 due to illness.
Leadership Transition:
Chen Yiy Fon, previously serving as CEO – Operations, has been redesignated as the CEO of the NagaCorp group, inheriting the duties and responsibilities held by his late father.
The filing highlights the Board’s gratitude for Dr. Chen’s invaluable leadership, guidance, and contributions to the group during his more than 28 years of dedicated service.
Founder’s Contributions:
Dr. Chen Lip Keong played a pivotal role in establishing and nurturing the NagaCorp group, fostering steady growth and development over the years.
The Board acknowledges his entrepreneurial acumen, business expertise, and managerial experience as instrumental to the group’s remarkable success.
Business Continuity:
NagaCorp reassures stakeholders that it will continue its business operations by adhering to the strategic framework laid down by the Board.
Dr. Chen’s foresighted leadership has set a solid foundation, ensuring the company’s continued success and growth.
Succession Planning:
Dr. Chen had been actively involved in succession planning, evident from the “re-designation” of senior management last year, appointing three of his sons as joint CEOs.
The transfer of a controlling stake to his family trust and issuing a substantial shareholder’s loan were part of Dr. Chen’s strategic moves.
Industry Recognition:
Dr. Chen Lip Keong was recently recognized as the 14th most influential person in the Asian gaming industry in the 2023 Asian Gaming Power 50 by IAG.
His absence leaves a void and presents a challenge for the industry to fill the significant shoes he leaves behind.
The passing of Dr. Chen Lip Keong marks a poignant moment for NagaCorp Ltd and the gaming industry at large. As the company navigates this period of transition, the legacy of Dr. Chen’s visionary leadership will undoubtedly shape the path forward. The commitment to continuity and adherence to strategic plans underscores NagaCorp’s resilience and determination to honor the founder’s legacy. The industry will closely watch the unfolding chapters, recognizing the profound impact Dr. Chen had on the Asian gaming landscape.