2 casino investors named in Forbes Malaysia’s 50 richest list
Chen Lip Keong, owner of NagaCorp, and Genting Group boss Lim Kok rank sixth and seventh on Forbes’ annual list of the richest Malaysians.
Malaysia.- Forbes has released its annual list of Malaysia’s 50 Richest, and two names have strong connections to the gaming industry: Chen Lip Keong, the owner of NagaCorp and Karambunai, and Lim Kok Thay, chairman and CEO of Genting.
Chen Lip Keong ranks as the sixth richest person in Malaysia, with a net worth of US$2.8bn. Chen grew his fortune through the NagaWorld casino in Phnom Penh, which has a licence to operate until 2065 and a guaranteed monopoly within a 200-kilometre radius of the Cambodian capital until 2045.
NagaWorld is the largest casino resort in the Mekong region and NagaCorp was the first casino group with operations in Cambodia to be listed on the Hong Kong Stock Exchange.
The seventh richest person in Malaysia is Lim Kok Thay, the chairman and CEO of Genting, a Malaysian company that operates in the leisure and hospitality sector. Lim was also chairman and CEO of Genting Hong Kong until last year when he resigned following the company’s liquidation due to losses caused by the collapse of its shipbuilding arm. Lim’s net worth was reported to be US$2.35bn in 2022, keeping him on the Forbes list.
Genting comprises the listed and unlisted companies Genting Malaysia, Genting Plantations and Genting Singapore, Genting Energy, and Resorts World Las Vegas. Genting Singapore operates Resorts World Sentosa, which is one of the two integrated resorts licensed to operate in Singapore.
Casino investors were also named in Forbes’ Hong Kong 50 Richest list for 2023. Henry Cheng Kar Shun, known for his investments in casino resort projects in Vietnam, Australia and the Bahamas, remains the third richest on the list, with net worth at US$28.9bn, up from US$26.4bn last year.
Lui Che Woo, chairman of Galaxy Entertainment Group, is the richest of the Hong Kong-based Macau casino investors. His net worth increased from US$12.8bn to US$14.9bn. He is now ranked 7th, up from 8th in 2022.