Tim McNally, the chairman of NagaCorp, resigns from his position.
In a significant move, NagaCorp has announced the retirement of Timothy McNally as chairman, effective from the expiration of his current term on 30th June 2025. McNally, who joined NagaCorp in February 2005, has spent nearly two decades at the helm of the company, steering it through various challenges and contributing significantly to its growth and success.
McNally's diverse background, which includes a 25-year stint as a special agent with the U.S. Federal Bureau of Investigation and a role as the Executive Director of Security and Corporate Legal Services at the Hong Kong Jockey Club, was widely credited with helping NagaCorp navigate complex compliance and regulatory challenges.
The company has expressed gratitude to McNally for his dedicated service and wished him a fulfilling retirement. In a social media post, NagaCorp praised McNally's distinguished career spanning almost 25 years and his role in helping the company list on the Hong Kong Stock Exchange.
McNally, in turn, expressed his gratitude to all he worked with at NagaCorp and expressed confidence in the leadership of Fon Yi Chen and Philip Lee, who will take over as the company's new chairman and head of the anti-money laundering (AML) oversight committee, respectively, starting from 1st July 2025.
Philip Lee Wai Tuck, who has been appointed as the new chairman, has been a significant figure at NagaCorp, having served as the executive deputy chairman of the board. His appointment reflects the company’s confidence in his leadership abilities and governance expertise.
Under Lee's leadership, NagaCorp reported a 17.7 percent increase in quarterly gross gaming revenue (GGR) for Q1 2025, amounting to $171 million. The Mass Market segment saw a 4.8 percent year-on-year increase in total wagers, totalling $997 million in wagers for Q1 2025. Net gaming revenue for Q1 2025 amounted to $148 million, reflecting a 20.6 percent growth compared to the same quarter in 2024.
The growth in gaming revenue is a testament to Lee's strategic leadership and the company's strong operational performance. As the new chairman, Lee will also oversee the AML oversight committee, ensuring NagaCorp maintains its commitment to combating money laundering activities.
With Philip Lee Wai Tuck taking over as chairman, NagaCorp is poised for continued growth and success. The company's smooth leadership transition and expressed optimism for future achievements under Lee's chairmanship further underscore his perceived capability to sustain and advance NagaCorp’s development.
In the transition, Philip Lee Wai Tuck, the new chairman, will utilize his leadership abilities and governance expertise, gained from his role as executive deputy chairman, to maintain and advance NagaCorp's growth in the finance sector. Under his leadership, the company is expected to continue its success in business, with the continued increase in quarterly gross gaming revenue as evidence of his strategic leadership.
