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This article appeared in the June 2023 issue of Forbes Asia. Subscribe to Forbes Asia
This article is part of Forbes magazine’s coverage of Malaysia’s richest people in 2023.See full list here.
NagaCorp founder Chen Lip Kyung is nudging his succession plan for the casino company as his business recovers from the pandemic. The casino king took over as senior CEO last year under a management restructuring of a Hong Kong-listed company, with three sons as co-CEOs.
After more than 20 years of growth under Mr. Chen, NagaCorp said in a regulatory filing that the appointment was an “injection of renewed vigor,” and Mr. Chen continues to lead the group. He will lead and oversee the day-to-day operations. His eldest son, Chen Yifang, 42, is the CEO of the hotel, Chen Yifeng, 41, a director since 2015, is the CEO of operations, and Chen Church, 34, is the finance and finance department. to become CEO of
To bolster the transition strategy, Mr. Chen transferred control of NagaCorp, where he also serves as executive director, to a family trust last July. The Cambodia-based company, which operates the NagaWorld integrated resort, has long dominated the casinos in Phnom Penh, but returned to profitability in 2022 due to a post-coronavirus tourism surge. Sales doubled during this period to $460.7 million, and net income was nearly $107.3 million, compared to a net loss of $147 million in the same period last year. . He remained number seven on Malaysia’s 50 richest people list, but his net worth increased to $2.8 billion.
In March, rating agency Moody’s Investors Service put NagaCorp under review as it seeks to refinance $472 million in debt due in 2024. Meanwhile, workers’ strikes have continued this year after thousands left their jobs at casinos over demands in December 2021. To get better working conditions and higher wages. The company did not respond to a request for comment.
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