Tan Lak Keong, founder of casino operator NagaCorp, dies at 76
Dr. Tan Li Keong, the Malaysian billionaire and founder of the gaming empire NagaCorp, has died. The man behind Cambodia's integrated resort NagaWorld has spent nearly three decades building his portfolio from the ground up.
NagaCorp's board of directors confirmed his death in a filing to the Hong Kong Stock Exchange (HKSE) today, adding that he died on December 8. Chinese newspaper Nanyang Siang Pau reported on Sunday that Chen died in the United States.
Neither the media nor the board of directors released the exact cause of death. Chan, who is reportedly Malaysia's seventh richest man, suffered a stroke more than a decade ago. However, it was not specified whether his death was related to this or other circumstances.
Maintain the status
According to reports, Chen's body is still in the United States awaiting special procedures before being returned to Malaysia. Permits may be released in the coming days.
The board also announced that one of Chen’s sons, Chen Yiy Fon, will take over the company. He previously served as operating CEO of NagaCorp and will now take over management of the group of companies founded by his father, effective December 10.
Yiy Fon has served as Chief Executive Officer of Operations since April 5, 2022. At the time, the late NagaCorp founder gave control of the company to his three sons to facilitate a transfer of power. Yiy Fon serves as CEO of operations, Chen Cherchi serves as CEO of finance and finance, and Chen Yiy Hwuan serves as CEO of hotels.
NagaCorp reiterated its commitment to maintaining business operations in line with the Board’s strategy. However, no details have been released on whether Chen's death will change the course of NagaWorld's long-running workers' strike.
NagaCorp holds the license to operate NagaWorld, which includes a 51-year monopoly covering a 120-mile area around Phnom Penh. The license is valid until 2065 and the monopoly until 2045.
NagaCorp stock price plummets
The Board believes that Mr. Chen's death will not have a significant impact on the Group's operations. However, investors reacted negatively to the news.
NagaCorp Holdings, which is listed on the Hong Kong Stock Exchange, has seen its share price fall since the start of the year. The highest price was reached on January 27, reaching HK$7,678 (US$0.98). It has fallen steadily since then, hitting its lowest point of the year at HK$3.29 (US$0.42) on November 1.
However, things have picked up since mid-November. On November 23, it recovered to HK$3.92 (US$0.50) before returning to a downward trend.
The stock has lost 15% over the past five days and is down 56.58% year to date. As of this writing, the amount is HK$2.96 (US$0.36).
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Source: www.casino.org
