• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Monday 2 June 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

NagaCorp “confident” of fully discharging 2024 notes after drawing down US$70 million shareholder loan

Newsdesk by Newsdesk
Mon 3 Jun 2024 at 13:54
Sons of NagaCorp founder Chen Lip Keong join Forbes list of Malaysia’s richest

NagaWorld

21
SHARES
529
VIEWS
Print Friendly, PDF & Email

Hong Kong-listed NagaCorp Ltd, the owner and operator of Cambodian integrated resort NagaWorld in Phnom Penh, said Monday it has drawn down US$70 million of a maximum US$80 million shareholder loan provided by the company’s late founder, Dr Chen Lip Keong.

The loan, originally agreed to last October some three months before Dr Chen’s passing in January, was specifically provided to help NagaCorp either refinance or pay down outstanding notes due 2024.

In a Monday filing, NagaCorp said it had drawn down US$70 million and is “confident that with this drawdown, the 2024 Notes will be discharged in full upon their maturity.” The loan was officially provided to NagaCorp by a wholly-owned subsidiary of The Sakai Trustee – a family trust established by Dr Chen for the purposes of succession planning and which holds a 69.26% share of the company.

NagaCorp had previously issued an announcement in January outlining its expectation that the passing of Dr Chen would not have any material impact on the loan agreement, and was not aware of any circumstance that would or could prevent the Loan Agreement from remaining in full force and effective.

As recently reported by IAG, NagaCorp last month terminated the employment of Chen Cherchi, one of three sons of Dr Chen to be appointed to a senior executive position in early 2022 as part of the company’s succession planning. Cherchi had been CEO – Finance and Treasury, with his departure coming just weeks after assuming a 6.6% stake in the company.

RelatedPosts

NagaWorld

GGR at Cambodia’s NagaWorld up 17.7% to US$171 million in 1Q25

Tue 8 Apr 2025 at 06:29
Union Gaming revises NagaCorp 2020 estimates upwards, says well-placed to swallow impact of new Cambodia gaming law

Investment in growing premium mass segment sees NagaWorld GGR climb to US$543 million in FY24

Wed 26 Mar 2025 at 05:52
Donaco looks inward as Lee Bug Huy named new CEO

Hong Kong’s Argyle Street Management Ltd makes offer to acquire 100% of ASX-listed Donaco International

Mon 17 Mar 2025 at 06:42
New investor requests two seats on new-look Donaco board

Donaco records revenue and EBITDA growth in 1H25 as Vietnam casino Aristo surges

Fri 28 Feb 2025 at 11:37
Load More
Tags: Cambodiachen lip keongNagaCorpNagaWorldshareholders loan
Share8Share1
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – The real reason Philippines casino revenues are down

Editorial – The real reason Philippines casino revenues are down

by Ben Blaschke
Sun 30 Mar 2025 at 23:04

After enjoying a post-COVID surge in gaming revenues at its licensed casinos, the Philippines has hit a rocky patch. In...

Inside Thai IRs

Inside Thai IRs

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:59

No time to read this whole article? Here are the bullet points! With passage of Thailand’s Entertainment Complex Bill through...

Resorts World Las Vegas – Lighting up the north

Resorts World Las Vegas – Lighting up the north

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:52

Inside Asian Gaming recently visited Genting’s American icon Resorts World Las Vegas to take a closer look at a property...

A baccarat perspective

A baccarat perspective

by Ryan Hong-Wai Ho
Sun 30 Mar 2025 at 22:37

In the first of a two-part series, Ryan Ho explores how gaming innovations and market changes have shaped the prominence...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

by Newsdesk
Wed 9 Apr 2025 at 06:16

Star Entertainment Group confirmed Monday it had entered into a binding term sheet with US casino operator Bally’s Corp to take control of the company as part of a US$300 million (US$180 million) deal. The term sheet, comprising a multi-tranche...

China-owned contractor of Chow Tai Fook’s Baha Mar ordered to pay US$1.6 billion to original owner for “many acts of fraud”

New York appellate court dismisses China Construction America’s appeal in US$1.6 billion Baha Mar fraud case

by Ben Blaschke
Wed 9 Apr 2025 at 05:59

A New York court has dismissed an appeal by China Construction America, Inc (CCA) against a Supreme Court ruling in October requiring it to pay US$1.6 billion to the original owner of Bahamas casino resort Baha Mar for committing “many acts...

Trade union warns massively increased casino pokies tax in NSW will cost jobs

Pub baron Bruce Mathieson agrees additional AU$100 million Star investment, reduces Bally’s contribution to AU$200 million

by Ben Blaschke
Wed 9 Apr 2025 at 05:40

Star Entertainment Group’s largest individual shareholder Investment Holdings Pty Ltd has entered into a binding term sheet with US casino operator Bally’s Corp that will see it subscribe for AU$100 million (US$60 million) in convertible bonds, reducing in the process...

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

by Newsdesk
Wed 9 Apr 2025 at 05:35

Genting Group’s US flagship Resorts World Las Vegas (RWLV) has announced the appointment of casino industry veteran Greg Shulman as Executive Vice President of International Marketing. Continuing the property’s recent management overhaul, RWLV said Shulman will lead its international casino...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English