As pressure grows on Macau to discover new reasons for revenue, scion of casino dynasty imagines an alternative future for that other SAR
Sabrina Ho Chiu-yeng has been doing what she could to assist Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun could be more well known for gracing society and entertainment pages, however in January she organised the 1st Macau sales by China’s state-owned Poly Auction and then in November held her own annual hotel art fair, having already launched an exhibit in promoting the task of young art graduates in September.
“Macau is changing,” she tells The Collector. “We don’t wish to rely just around the gaming industry. We want more families into the future here for holidays, you want to boost our cultural and inventive industries.”
It is a politically correct view for that daughter of an casino magnate. Macau is in the cross hairs of Beijing’s war on corruption and capital outflow. The central government started urging the city to give up its addiction to the gaming sector, the taxes that buy most public expenditures, back in the boom years, if the “build it and they’ll come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers coupled with a slowing economy have increased the pressure to discover new revenues.
Fundamental change has become slow into the future. Five casinos have opened since 2012 plus much more take presctiption the way in which, including two from branches with the Ho empire – the Grand Lisboa Palace, led by Ho’s mother, Angela Leong On-kei (Stanley’s so-called “fourth wife”), and MGM Cotai, headed by Sabrina ho chiu yeng‘s half-sister Pansy Ho Chiu-king.
So may be Sabrina’s cultural endeavours all just a little of soft public relations for that clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections can help it enter a whole new and wealthy market where no international house features a presence. In return, Ho says, sherrrd like the auctions to assist attract tourists and maybe let the city’s 600,000 residents to build up much more of a desire for culture. Their bond, called Poly Auction Macau, is 51 per-cent owned by Poly along with the rest by Ho’s company, Chiu Yeng Culture.
Ho grew up in the middle of art and other collectables owned by her parents but she’s new to angling towards the auctions business. After graduating by having an arts degree in the University of Hong Kong, in 2013, she handled the branding and marketing side with the family’s hotel and property businesses. “But I prefer art i asked Poly only could work in your free time at their Hong Kong office, to understand the auction world,” she says.
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