NagaCorp suspends Vladivostok casino resort development indefinitely

NagaCorp announced in March 2022 that it had suspended the development of its casino resort in Vladivostok indefinitely, citing "uncertainties"¹. The company is the first casino company listed on the Hong Kong stock exchange and the first doing business principally in Cambodia¹. No further detail on the reasons for the suspension, the site, the cost incurred or the status of any local approvals has been reported¹.

The Vladivostok project sat outside NagaCorp's main market. Its principal asset is NagaWorld, described as the largest casino resort in Indochina, which holds a casino license in the Cambodian capital Phnom Penh running to 2065, with a guaranteed monopoly to 2035¹. Naga2 opened across the street from the original property in November 2017, connected by the underground mall NagaCity Walk¹.

The suspension was announced in the same period as a change at the top of the company. In April 2022, founder Chen Lip Keong became senior CEO and appointed three of his sons, Yiy Fon, Cherchi and Yiy Hwuan, as CEOs overseeing operations, finance and hotels respectively¹. Chen Lip Keong, a Malaysian citizen and a qualified medical doctor from the University of Malaya, died in December 2023 at age 76 after an illness, according to a company statement¹. On his death, his son Chen Yiy Fon was appointed group CEO¹. Forbes put his net worth at $1.3 billion at the time of his death¹.

What it means for players

The suspension concerns a resort in Russia, not NagaCorp's operating casino in Cambodia. For anyone gambling in Cambodia, the practical position described in the company's profile is unchanged: NagaWorld in Phnom Penh holds a license running to 2065 with a guaranteed monopoly to 2035¹. Readers looking at Cambodia rules, entry and play should note that the monopoly and license terms are as stated in that profile and no change to them has been reported¹.

For players in other Asian markets covered by this guide, including Hong Kong and Malaysia, the announcement has no described effect on local casino access or rules¹. Chen Lip Keong was a Malaysian citizen and NagaCorp is Hong Kong-listed, but neither fact alters the regulatory position in those jurisdictions as reported¹.

What happens next

No restart date, revised budget or disposal plan for the Vladivostok site has been reported¹. The company's leadership transition is documented: Chen Yiy Fon became group CEO on his father's death in December 2023¹.