PETALING JAYA: Casino tycoon Dr Chen Lip Keong, the founder of Hong Kong-listed NagaCorp Ltd has died due to illness. He was 75.
According to an announcement published on NagaCorp’s website, Lip Keong passed away on Friday. He was the company’s senior CEO and executive director.
NagaCorp Ltd, the largest gaming company in the Mekong region, credited Lip Keong with laying the foundations of the company in Cambodia and driving its steady growth over the past 28 years.
Yesterday, Nanyang Siang Pau, quoting sources, reported that Lip Keong passed away in the United States.
The report said Lip Keong, who is Malaysia’s seventh richest person with a net worth of US$2.8 billion, suffered a stroke a decade ago.
In its statement, NagaCorp said Lip Keong’s son, Chen Yiy Fon will now take over his father’s duties and responsibilities.
Yiy Fon, who has been serving as CEO of operations since 2022 has been redesignated as group CEO.
Lip Keong, who graduated as a medical doctor from Universiti Malaya founded NagaCorp in 1995. He also has two other sons who are heading Nagaworld’s finance and hospitality businesses.
Meanwhile, the board of directors of FACB Industries Incorporated Berhad also issued a statement expressing its condolences to the family of Lip Keong, who was the executive president of the public-listed company.