KUALA LUMPUR (Dec 10): Casino tycoon Tan Sri Dr Chen Lip Keong — founder, major shareholder and senior chief executive officer of NagaCorp Ltd — passed away at the age of 75, according to Chinese newspaper Nanyang Siang Pau.
Citing reliable sources, Nanyang Siang Pau reported that Chen had died in the US, but his cause of death is unknown.
Currently, Chen’s body is reportedly still in the US, pending certain procedures before being repatriated to Malaysia.
Nanyang Siang Pau also reported that Chen suffered a stroke more than ten years ago, but it is not yet confirmed whether his cause of death was related to a heart condition.
Based on Forbes Malaysia’s 50 richest list for 2023, Chen is the seventh wealthiest man in the country, with a net worth of US$2.8 billion (about RM13.06 billion) as at May 31 this year.
His real time net worth of US$1.3 billion (about RM6.06 billion) also made him the 2,119 richest man in the world as of present day.
Hong Kong-listed NagaCorp’s stock price had declined by 54% year to date and 30% over the past six months, to close at HK$3.26 last Friday (Dec 8), giving it a market capitalisation of HK$14.42 billion (about RM8.61 billion).
Chen graduated as a medical doctor from University of 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 200-kilometre radius of Cambodian capital Phnom Penh. The licence runs until 2065, with a guaranteed monopoly to 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 April 2022, Chen became senior CEO and appointed three of his sons — Chen Yiy Fon, Chen Cherchi and Chen Yiy Hwuan — as CEOs overseeing operations, finance and hotels, respectively.
Closer to home, Chen controlled Karambunai Corp Bhd, a resort operator and hospitality company that was delisted in 2019, as well as Petaling Tin Bhd, a property developer and investment group that was delisted in 2018.
He still owns Bursa Malaysia-listed mattress company FACB Industries Incorporated Bhd.