Chen Lip Keong (曾立强), the founder and chief executive officer (CEO) of NagaCorp Ltd, has passed away. The 76-year-old’s death was announced by his Hong Kong-listed company, NagaCorp Ltd, and his Bursa Malaysia-listed investment holding company, FACB Industries Inc. Bhd.
Chen was also known as a casino tycoon and his company, NagaCorp, is recognised as the largest gaming entertainment company in the Mekong Region. According to reports, the businessman passed away in the United States on 8th December due to an undisclosed illness. Numerous outlets have reported that the late tycoon suffered a stroke a few years ago, but it was unconfirmed if his death was related to a heart condition.
In their announcement, the company also extended their condolences to Chen’s family and expressed their gratitude to the late founder for his contribution during his tenure of office. Following the tycoon’s death, his son Chen Yiy Fon will resume the position of CEO for both NagaCorp and FACB Industries and take over the duties previously held by his late father. News outlets also reported that Chen’s body is still in the US and is pending procedures before it can be repatriated to Malaysia.
As the founder of NagaCorp and president of FACB Industries, Chen has amassed a fortune and, as of this year, has a net worth of US$2.8 billion (RM13.06 billion). Chen was also named the seventh wealthiest person in Malaysia, according to Forbes Malaysia’s 50 richest list for 2023. NagaCorp operates the casino and hotel resort NagaWorld in Phnom Penh and the underground shopping mall NagaCity Walk. Meanwhile, FACB Industries operates the mattress brand Dreamland under its bedding division.
We extend our condolences to the late Chen Lip Keong’s family. May they find peace during this difficult time.
Sources: China Press, The Edge Malaysia
