NagaCorp splits CEO role in four
NagaCorp’s founder Chen Lip Keong is now the senior chief executive while his three sons have been appointed as chief executive officers.
Cambodia.- Casino operator and developer NagaCorp has announced a change in its senior-level management by adding three CEOs – founder Chen Lip Keong’s sons. Lip Keong is now senior chief executive of the company.
Chen Yiy Fon has been appointed as CEO of operations; Chen Cherchi as CEO of finance and treasury and Chen Yiy Hwuan is CEO of hotels. The company said the move aims to inject new vitality into management.
NagaCorp said: “The founder shall continue to lead the Group and remains actively, strongly and firmly in the grip to lead and manage the Group by providing directions and strategies as well as overseeing the day-to-day operations of the Group.
“Together with the CEOs, the four of them shall work together as a team to lead and manage the Group to bring the Group to the next level of success.”
It was also revealed Timothy Patrick McNally shall remain as the chairman of the company, Philip Lee Wai Tuck shall remain as executive deputy chairman and Mike Ngai Wai Yip stays as chief operating officer.
NagaCorp posts GGR of US$109.9m for Q1
NagaCorp has shared its operating results for the first quarter of the year 2022. The company posted gross gaming revenue of US$109.9m, a decline of 13.7 per cent when compared to Q1 in 2021. However new gaming revenue was up at US$1.08m.
NagaCorp reported earnings before interest, tax, depreciation and amortization (EBITDA) of US$60.5m, up 83.3 per cent quarter-on-quarter and 57.4 per cent year-on-year. Mass-market table games saw average daily net gaming revenue of US$572,000 and mass-market electronic gaming machines US$280,000.
The company said its business environment continues to improve amid a decline in new Covid-19 cases in Cambodia and an easing of pandemic-related international travel restrictions in Southeast Asian countries.
Strikes continue at NagaWorld, the NagaCorp complex in Phnom Penh. Yesterday (April 5) workers have called on the government to end the violence against them outside the venue, where female protesters have repeatedly complained of sexual harassment and abuse.
The petitions were submitted to the interior and women’s ministries during a break in protests, which were suspended to allow for negotiations.
NagaWorld employees went on strike on December 18 2021 in protest against NagaCorp’s layoffs and pay cuts, which the country said were necessary to improve cost efficiency due to the impact of the Covid-19 pandemic.
