Chen Cherchi departs as NagaCorp CEO

Cherchi is the son of the late NagaCorp founder Chen Lip Keong.

Cambodia.- NagaCorp has announced through a company filing that as of yesterday (Ma 16) Chen Cherchi no longer serves as chief executive officer – finance and treasury. The company said Cherchi ceased to be a director of NagaGroup Global Limited and NagaCap Limited.

The filing stated: “Apart from possible disagreement over the termination of his employment by the board, Cherchi has no other disagreement with the board, and there is no other matter which needs to be brought to the attention of the shareholders of the company. The company would like to take this opportunity to express its sincere gratitude to Cherchi for his contributions to the company during his tenure.”

The company said the move “will not have any material impact on the operations of the group.”

Cherchi is the son of NagaCorp founder Chen Lip Keong, who died on December 8, 2023, due to illness.

For the first quarter of the year, the company posted gross gaming revenue (GGR) of US$145m, up 23.7 per cent when compared to Q1 2023. It reported earnings before interest, tax, depreciation and amortisation (EBITDA) of US$80.3m, up 33 per cent year-on-year. GGR for Mass Market table games increased by 34 per cent. The key growth driver was premium mass high-limit table games, up 51 per cent in year-on-year terms.