Chen Cherchi's exit as CEO includes a "possibility of discord" between the outgoing executive and the company about terminating the contract, according to the filing.
Nagkov has exclusive rights to the Jangsu Casino in Phnom Penh, the capital of Cambodia, which operates the Nagaworld complex (pictured).
"Aside from disagreements about termination of employment by the Board, [Chen] Cherchi has no other disagreements with the Board and nothing else to note to the Company's shareholders," the filing said
The filing added that the departing executive "will no longer hold any positions with the company or its subsidiaries."
The company said the move "will not have a substantial impact on the group's operations."
"We will continue to operate the group's business in compliance with the business strategy presented by the board," Nagakov added.
"The senior management will act as a team leading and managing the group, leading it to "the next level of success,"" it said.
The departing executive's father, Sir Chen Lip Keong, died last December. Prior to his death, three sons were named co-CEOs at Naga Corp, according to a succession plan.
Nagakov's casinos gross gaming revenue rose 23.7% year-over-year to nearly $145.4 million in the first quarter, according to an unincorporated filing with the Hong Kong Stock Exchange in early April.
In February, Nagakov said it planned to save $700 million in the budget for the podium at Nagarwold's extension project, Nagarwold.
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