Malaysia's seventh-richest man Chen Lip Keong is estimated to have a net worth of approximately $2.8 billion and is a major force in the Malaysian and Cambodian casino industry. However, Chen never intended to pursue a career in this sector; instead, he studied at the University of Malaysia to become a doctor.
Chen's family originated from China, and he grew up in the tin-mining area of Kinta Valley. Despite practicing medicine for a while after graduating, he believed his real calling was the business world, and he moved into the aviation parts industry and property development.
Throughout the 1980s, the Malaysian government encouraged business growth and collaboration with other Southeast Asian countries and Chen saw an opportunity to mine for oil in the early 90s.
In 1993, a new opportunity arose and Chen moved into the gambling industry after the government tendered a casino license. With his experience in property development, Chen's company was able to win the bid with a focus on boosting tourism.
The Naga Casino launched in 1995 on a barge in the Bassac River. Five years later, NagaCorp purchased land on the nearby dock and construction began on NagaWorld, an onshore casino that opened in 2003.
The casino license that Naga has has been in place for 70 years and the company is exempt from the corporate-profits tax of 20% that Cambodia has. With no gaming tax, Naga makes payments to the government that are significantly less than gaming taxes that are levied by other Asian countries.
NagaCorp Ltd. is listed in Hong Kong with Chen Lip Keong as the CEO and NagaWorld is now Cambodia's biggest hotel and gaming resort.
Concerns about the authoritarian government run by Hun Sen were downplayed because of the importance of NagaCorp to Cambodia's economy. Education programs and philanthropic endeavors have also ensured Chen's reputation is solid.
With the position of Prime Minister moving from Hun Sen to his son Hun Manet, the opportunity for reform is possible, but time will tell. Chen Lip Keong's dedication to promoting responsible gambling and improving Cambodia's development has given him strong support.
With a casino license that runs until 2065 and a guaranteed monopoly in Phnom Penh until 2035, Chen Lip Keong has a stranglehold on the Cambodian gambling industry.
The sites on an online casino guide for Malaysians are another avenue that is showing significant growth. Offshore betting operators and crypto casinos dominate a lot of online betting markets because of strict laws in both countries, but NagaCorp is working hard to make inroads into this lucrative revenue stream.
Since the launch of NagaWorld, the skyline of Phnom Penh has been dramatically changed. The resort’s hotels, casinos, retail sections, and entertainment venues have seen a boom in development.
A number of towers stretching more than 100 meters into the sky are now visible in the capital, and with more commercial and residential development in the works, this is great news for Chen.
The extension of NagaWorld, with Naga 3, is set to be complete by September 2029. The $3.5 billion investment is set to take NagaWorld to the next level and could see Chen’s net worth rise even further.