Scientific Game

2017 Inside Asian Gaming Power 50: Number 18 - Chen Lip Keong

Tuesday, 05 December 2017 14:39
Visit us

18 Chen Lip Keong




• Casino monopoly within 200 kilometers of Phnom Penh runs to 2035, license to 2065.
• Owns 65% of first gaming company ever listed in Hong Kong
• NagaWorld extension Naga2 debuted in November

NagaCorp took a great leap forward with November’s soft opening of Naga2. The US$369 million extension, linked to NagaWorld via retail complex Naga CityWalk, makes the downtown Phnom Penh IR a fully-fledged integrated resort with regional appeal.

When completely launched, the two Paul Steelman-designed towers will give Naga a total of 1,700 rooms, 600 gaming tables and upwards of 5,000 machines in the only monopoly casino in an Asian capital beyond Pyongyang. NagaCorp pegs its total capital expenditure for the complex at around US$1.5 billion and says the complex has been valued at US$5.1 billion by commercial realtor Collier’s International.

That’s heady stuff, considering Naga began in 1995 as a casino on a barge floating in the Bassac River. Back then, Cambodia was still in the shadow of Khmer Rouge genocide and years of civil war. NagaCorp received a 70-year license with a 40-year Phnom Penh exclusive and low taxes. Its 2006 Hong Kong IPO sought international recognition more than capital, executives say, as Naga brought first world standards and practices to Cambodia.

Through its business growth and social contributions, Naga says it has established a win-win relationship with Cambodia. Naga says it produces 25% of Cambodia’s tourism sector GDP and nearly 3% of national GDP. Visitor arrivals, 220,000 in 1995, are approaching 5.5 million this year, mainland Chinese travelers comprising 20%.

Naga has declared itself “China-ready.” The resort and affiliated Bassaka Air have partnerships with mainland China’s International Travel Service and China Duty Free Group, the main tenant at Naga CityWalk. Naga is also developing an IR in Russia’s Primorsky Free Zone outside Vladivostok, focused on mainland China visitors and expected to open mid-2019.

Chen Lip Keong, trained as a medical doctor and drawn to Cambodia via Malaysia’s “Prosper Thy Neighbor” policy, owns 65% of NagaCorp after financing Naga2 through convertible bonds now held as shares.

To return to the full list of 2017 Asian Gaming Power 50 winners, click here.

What's new

LRWC and Galaxy acquire 23-hectare site for US$500 Philippines IR

LRWC and Galaxy acquire 23-hectare site for US$500 Philippines IR Leisure and Resorts World Corp (LRWC) has revealed that one of its subsidiaries has purchased 23 hectares of land on Boracay Island for the US$500 million integrated resort it plans to build in partnership with Galaxy Entertainment Group. In a filing to the Philippines Stock Exchange on Monday, LRW... Tuesday, 20 March 2018 07:18

The 13 Holdings subscribes 90.26% of available shares in HK$973 million fundraising effort

The 13 Holdings subscribes 90.26% of available shares in HK$973 million fundraising effort The 13 Holdings Ltd says that 90.26% of the 920,867,010 rights issue shares made available for subscription have been subscribed as it looks to raise HK$973 million for completion of its luxury Macau hotel and casino, The 13. In a filing to the Hong Kong Stock Exchange on Monday, The 13 Holdings sa... Tuesday, 20 March 2018 07:05

VIDEO: A look inside Tiger Palace Resort Bhairahawa

VIDEO: A look inside Tiger Palace Resort Bhairahawa IAG provides a unique glimpse inside Silver Heritage Group's new IR, Tiger Palace Resort, which held its Grand Opening over the weekend. Tuesday, 20 March 2018 06:54

Pansy Ho takes over as Hong Kong’s richest woman

Pansy Ho takes over as Hong Kong’s richest woman MGM China Executive Director and co-Chairperson Pansy Ho has claimed the title of Hong Kong’s richest woman, according to Bloomberg’s Billionaire’s Index, with a personal fortune of US$6.01 billion. The daughter of Macau gaming godfather Stanley Ho, the 55-year-old has claimed the mantle from... Tuesday, 20 March 2018 06:35

Current Issue

MGM “all-in” on Cotai

MGM “all-in” on Cotai Almost five years to the day since MGM first broke ground on its second Macau integrated resort, MGM Cotai finally opened its doors to the public on 13 February with the US$3.4 billion investment pinning its future on the premium mass market and an array of innovative features. By Ben Blaschke “... Tuesday, 27 February 2018 14:50

European vacation

European vacation Novomatic is targeting both the US and Asian markets with its recent acquisition of a 52% stake in Australian slot machine developer Ainsworth Game Technology.By Ben Blaschke WHEN Austrian gaming giant Novomatic Group confirmed the completion of its AU$500 million purchase of a 52.2% stake in Austra... Tuesday, 27 February 2018 14:48

Problem solving

Problem solving Inside Asian Gaming speaks with Davis Fong, Associate Professor in International Integrated Resort Management and Director of Institute for the Study of Commercial Gaming at the University of Macau’s Faculty of Business Administration, about the extent of gambling disorders in the Asian gaming hub... Tuesday, 27 February 2018 14:44

Gaming and the nine intelligences

Gaming and the nine intelligences Sudhir Kale explores the nine types of intelligence as defined by Harvard psychologist Howard Gardner and how they apply to the gaming industry.  DURING my decades of involvement in the gaming industry, I have had the pleasure of knowing many senior executives from all over the world. They are all... Tuesday, 27 February 2018 14:40