Malaysia's Richest 2018: How 'Accidental' Casino Billionaire Chen Lip Keong's Cambodia Bet Paid Off

In 1994, when Chen Lip Kyung acquired Cambodia's first casino license, he had almost never stepped into the casino. He visited Gentin Highland in Malaysia on a date in the 1970s and visited Las Vegas for sightseeing. He says, "I'm not in my blood. I'm not a gambler." But the famous casino designer Paul Stillman calls Chen as "one of the world's most prestigious casino developers."

This sel f-proclaimed "coincidence" Gambling is the main director and major shareholder of Nagacope, who has a Casino and resort complex, "Naga World," in Phnom Penh in Moscow. Without being rebellious for gambling, he invested a $ 369 million private property and built a luxurious extended facility "Naga 2" announced in November. It is a nin e-story building, has a guest room for gambling lovers, and is adjacent to a personal game room. Soon a 2. 200 arena will be created, and Chen will play against popular people such as Lady Gaga. With the event, Cambodia and Naga World have become a remarkable candidate for the $ 51 billion Asian casino market.

In the process, the Malaysian citizens have definitely recovered Cambodia from decades of anxiety. Since 1994, Cambodia's gross domestic product has grown 7. 5 % every year, and has become one of the most popular countries around the world. According to the Ministry of Tourism, only 118. 163 visited Cambodia in 1993, but it is expected to exceed 5. 6 million last year and to reach 7 million in 2020. Last year, tourism accounted for more than 12 % of Cambodia GDP, and Naga accounted for 25 %.

As the number of tourists is increasing, Naga is prosperous. Last year's net income increased 23 % to $ 255 million, and profits increased 80 % to $ 956 million. The VIP role (losing bet) reached more than twice as much as $ 21. 1 billion and accelerated after the release of Naga 2. NAGACORP has a market capitalization of $ 4 billion, growing 11 times since Hong Kong IPO in 2006, surpassing other betting promotions every day. "We are against gravity," says Chen.

The most luxurious people in Malaysia 2018

Nagaga is profitable from the low labor costs in Cambodia and the strict management of the main costs by Chen. Nagaga spent $ 1. 5 billion in development, but Coriers International, a real estate expert, is currently estimating $ 5. 4 billion. And, as he points out, Nagaga has no debt. One year ago it was $ 1. 6 billion, but now $ 3. 3 billion.

At the age of 70, Chen is nets further farther. We have built a casino in the Russian Far East and are considering hotels and casinos projects in Australia, Mongolia and Kazakhstan. In addition, a resort of the Malaysian government, which is led by Kuala Lumpur listed company Karanbunai and Petaralin Tin, is being built on Borneo, a basis for a billion dollar ecotism basic plan. "I'm now in the spring of my career as an entrepreneur," he says.

The beginning of a coincidence

Chen grew up in the tin mining area of ​​Kinta Valley as the second of Chinese immigrants. I got a medical degree at the University of Malaysia and worked as a practitioner for a short period of time, but I felt that my true vocation was a business. He went on the path of real estate development and managed an aircraft parts company that manufactures parts for the production of aircraft supported by the Malaysian government for a short period of time.

In the 1980s, Malaysia's Prime Minister Mahathir Mohamad implemented a policy of "prospering neighbors and not begging for neighbors", and the country's Chinese business community said Chen "Win Win" in Southeast Asia. We began to encourage other areas to encourage them. In the late 1970s, the Khmer Rouge administration killed about 2 million out of 8 million inhabitants. The Vietnamese army defeated the Communist administration in 1979, but the battle continued until the 1990s.

Currently wealthy Chen visited Cambodia in the early 1990s. He thought Cambodia was a place to dig a chance, and plans a petroleum exploration in Thai Bay. However, after the U N-led election in 1993, the new government provided a casino license. "This is neither the business I chose, the plan I planned, nor I envisioned," he says. However, he thought that hospitality was a way to balance real estate development and stable cash flow, and his company made a successful bid. "Gambling is a means for the purpose, and its purpose is sightseeing," he says.

Chen's first casino was a water casino. < Span> Now that he is 70, Chen is nets further farther. We have built a casino in the Russian Far East and are considering hotels and casinos projects in Australia, Mongolia and Kazakhstan. In addition, a resort of the Malaysian government, which is led by Kuala Lumpur listed company Karanbunai and Petaralin Tin, is being built on Borneo, a basis for a billion dollar ecotism basic plan. "I'm now in the spring of my career as an entrepreneur," he says.

The beginning of a coincidence

Chen grew up in the tin mining area of ​​Kinta Valley as the second of Chinese immigrants. I got a medical degree at the University of Malaysia and worked as a practitioner for a short period of time, but I felt that my true vocation was a business. He went on the path of real estate development and managed an aircraft parts company that manufactures parts for the production of aircraft supported by the Malaysian government for a short period of time.

In the 1980s, Malaysia's Prime Minister Mahathir Mohamad implemented a policy of "prospering neighbors and not begging for neighbors", and the country's Chinese business community said Chen "Win Win" in Southeast Asia. We began to encourage other areas to encourage them. In the late 1970s, the Khmer Rouge administration killed about 2 million out of 8 million inhabitants. The Vietnamese army defeated the Communist administration in 1979, but the battle continued until the 1990s.

Currently wealthy Chen visited Cambodia in the early 1990s. He thought Cambodia was a place to dig a chance, and plans a petroleum exploration in Thai Bay. However, after the U N-led election in 1993, the new government provided a casino license. "This is neither the business I chose, the plan I planned, nor I envisioned," he says. However, he thought that hospitality was a way to balance real estate development and stable cash flow, and his company made a successful bid. "Gambling is a means for the purpose, and its purpose is sightseeing," he says.

Chen's first casino was a water casino. At the age of 70, Chen is nets further farther. We have built a casino in the Russian Far East and are considering hotels and casinos projects in Australia, Mongolia and Kazakhstan. In addition, a resort of the Malaysian government, which is led by Kuala Lumpur listed company Karanbunai and Petaralin Tin, is being built on Borneo, a basis for a billion dollar ecotism basic plan. "I'm now in the spring of my career as an entrepreneur," he says.

The beginning of a coincidence

Chen grew up in the tin mining area of ​​Kinta Valley as the second of Chinese immigrants. I got a medical degree at the University of Malaysia and worked as a practitioner for a short period of time, but I felt that my true vocation was a business. He went on the path of real estate development and managed an aircraft parts company that manufactures parts for the production of aircraft supported by the Malaysian government for a short period of time.

In the 1980s, Malaysia's Prime Minister Mahathir Mohamad implemented a policy of "prospering neighbors and not begging for neighbors", and the country's Chinese business community said Chen "Win Win" in Southeast Asia. We began to encourage other areas to encourage them. In the late 1970s, the Khmer Rouge administration killed about 2 million out of 8 million inhabitants. The Vietnamese army defeated the Communist administration in 1979, but the battle continued until the 1990s.

Currently wealthy Chen visited Cambodia in the early 1990s. He thought Cambodia was a place to dig a chance, and plans a petroleum exploration in Thai Bay. However, after the U N-led election in 1993, the new government provided a casino license. "This is neither the business I chose, the plan I planned, nor I envisioned," he says. However, he thought that hospitality was a way to balance real estate development and stable cash flow, and his company made a successful bid. "Gambling is a means for the purpose, and its purpose is sightseeing," he says.

Chen's first casino was a water casino.

In 1995, Naga opened a casino on a paid boat on the Bassac River near the tumor Tsurist Castle. In 2000, Nagaga acquired land near the dock, began constructing Naga World, and moved to the land in 2003. Naga 2, located on the main street, is connected to the original via the 3. 800 squar e-meter underground commercial facility, Nagocity Walk. "We do not build monuments, we make working people and contribute to the development of the soci o-economic." We contribute to the development of tourism, increase international investment profiles, and PII (directly in the country). Investment) is attracted and is regarded as a major taxpayer in the country. "

Vulnerable atmosphere

Chen is currently spending 30 % of his time on Phnomops and spending a lot of time in Kuala Lumpur. The Naga Casino License has been a 7 0-year monopoly in all other areas within a 20 0-kilometer radius of Phnomops. "I don't have the ability to become two tigers on one hill," he said and quoted Chinese myths. The period of 70 years is much longer than Macau 20 years, but in many jurisdictions, including Nevada and Australia, the license does not expire, and the license owner will follow the standards and pay the burden. Up to be valid.

Advantageous conditions are applied for taxes. Naga is exempted from 20 % of welfare expenses in Cambodia and is not taxed by gambling. In return, the company has paid $ 8. 12 million in the country, that is, only 3. 2 % of operating income. Gambling tax increases by 12, 5 % every year, but last year it is only 0, 6 % of gambling profits, which are often lower than gambling tax levied in other states. In Macau, the gambling tax is 35 %, and some fees may be added. Singapore collects 5 % of VIP IGR profits, 15 % of global market profits, and 7 % of consumption tax. Naga announced that it provided $ 9. 4 million in 2015 and $ 16. 6 million in 2016, but there would be no additional payments in 2017. < SPAN> In 1995, Naga opened a casino on a paid boat on the Bassac River near the tumor Tsurist Castle. In 2000, Nagaga acquired land near the dock, began constructing Naga World, and moved to the land in 2003. Naga 2, located on the main street, is connected to the original via the 3. 800 squar e-meter underground commercial facility, Nagocity Walk. "We do not build monuments, we make working people and contribute to the development of the soci o-economic." We contribute to the development of tourism, increase international investment profiles, and PII (directly in the country). Investment) is attracted and is regarded as a major taxpayer in the country. "

Vulnerable atmosphere

Chen is currently spending 30 % of his time on Phnomops and spending a lot of time in Kuala Lumpur. The Naga Casino License has been a 7 0-year monopoly in all other areas within a 20 0-kilometer radius of Phnomops. "I don't have the ability to become two tigers on one hill," he said and quoted Chinese myths. The period of 70 years is much longer than Macau 20 years, but in many jurisdictions, including Nevada and Australia, the license does not expire, and the license owner will follow the standards and pay the burden. Up to be valid.

Advantageous conditions are applied for taxes. Naga is exempted from 20 % of welfare expenses in Cambodia and is not taxed by gambling. In return, the company has paid $ 8. 12 million in the country, that is, only 3. 2 % of operating income. Gambling tax increases by 12, 5 % every year, but last year it is only 0, 6 % of gambling profits, which are often lower than gambling tax levied in other states. In Macau, the gambling tax is 35 %, and some fees may be added. Singapore collects 5 % of VIP IGR profits, 15 % of global market profits, and 7 % of consumption tax. Naga announced that it provided $ 9. 4 million in 2015 and $ 16. 6 million in 2016, but there would be no additional payments in 2017. In 1995, Naga opened a casino on a paid boat on the Bassac River near the tumor Tsurist Castle. In 2000, Nagaga acquired land near the dock, began constructing Naga World, and moved to the land in 2003. Naga 2, located on the main street, is connected to the original via the 3. 800 squar e-meter underground commercial facility, Nagocity Walk. "We do not build monuments, we make working people and contribute to the development of the soci o-economic." We contribute to the development of tourism, increase international investment profiles, and PII (directly in the country). Investment) is attracted and is regarded as a major taxpayer in the country. "

Vulnerable atmosphere

Chen is currently spending 30 % of his time on Phnomops and spending a lot of time in Kuala Lumpur. The Naga Casino License has been a 7 0-year monopoly in all other areas within a 20 0-kilometer radius of Phnomops. "I don't have the ability to become two tigers on one hill," he said and quoted Chinese myths. The period of 70 years is much longer than Macau 20 years, but in many jurisdictions, including Nevada and Australia, the license does not expire, and the license owner will follow the standards and pay the burden. Up to be valid.

Advantageous conditions are applied for taxes. Naga is exempted from 20 % of welfare expenses in Cambodia and is not taxed by gambling. In return, the company has paid $ 8. 12 million in the country, that is, only 3. 2 % of operating income. Gambling tax increases by 12, 5 % every year, but last year it is only 0, 6 % of gambling profits, which are often lower than gambling tax levied in other states. In Macau, the gambling tax is 35 %, and some fees may be added. Singapore collects 5 % of VIP IGR profits, 15 % of global market profits, and 7 % of consumption tax. Naga announced that it provided $ 9. 4 million in 2015 and $ 16. 6 million in 2016, but there would be no additional payments in 2017.

Naga has been funding a wide range of companies to fulfill his public responsibilities. Since 2012, Naga Academy has taught thousands of specialized skills and languages. The company has managed employment for all graduates, and, for example, in other fields, as well as its own business. Apart from this, Naga organizes the Cambodian sports award, sponsor the state league soccer club, and supports players preparing for international competitions. Chen Eiper, a descendant of Chen, supervises most of this activity, and on weekends, he visits unfortunate areas with tumors and local villages with Naga employees to give medicine and give scholarships. He is awarded and planted trees.