HOTEL and gaming company tycoon Chen Lip Keong died on December 8 due to an illness. He was 75. 

Chen was the founder, major shareholder, and senior chief executive officer of NagaCorp Ltd. 

Chinese daily Nanyang Siang Pau reported that Chen had died in the US, but his cause of death is unknown. 

Forbes Malaysia lists Chen as the seventh wealthiest man in the country in 2023, with a net worth of US$2.8 billion (RM13.06 billion) as at May 31 this year. 

His real-time net worth of US$1.3 billion (RM6.06 billion) also made him the 2,119th richest man in the world. 

Hong Kong-listed NagaCorp’s stock price declined by 54% year-to-date and 30% over the past six months to close at HK$3.26 on Friday, giving it a market capitalisation of HK$14.42 billion (RM8.61 billion). 

Chen graduated in medicine from Universiti Malaya but pursued a career in business. He founded NagaCorp in 1995. 

NagaWorld — operated by NagaCorp — holds a casino licence that is good for 70 years and includes a 40-year monopoly within a 200km radius of Cambodian capital Phnom Penh.  

The licence runs until 2065 with a guaranteed monopoly until 2035. 

NagaWorld is the largest casino resort in the Indochina region. In November 2017, Naga2 opened across the street, connected by underground mall NagaCity Walk. 

In a statement late yesterday, the company said executive director Chen Yiy Fon will assume the duties of CEO from December 10. 

Yiy Fon is Chen’s son and has served as the chief executive officer (operations) since April 5, 2022. 

“The company will continue the group’s business operations by adhering to the business strategies laid down by the board.  

“The board is of the view that the passing away of Chen will not have any material impact on the operations of the group,” it said. – December 11, 2023.