As pressure grows on Macau to find new options for revenue, scion of casino dynasty imagines a different future for the other SAR
Sabrina Ho Chiu-yeng does what she’ll to assist Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun might be better known for gracing society and entertainment pages, but in January she organised the 1st Macau sales by China’s state-owned Poly Auction and also in November held her annual hotel art fair, having already launched an exhibit in promoting the work of young art graduates in September.
“Macau has been evolving,” she tells The Collector. “We don’t wish to rely just on the gaming industry. We want more families into the future here for holidays, you want to boost our cultural and creative industries.”
It is a politically correct view for the daughter of the casino magnate. Macau is within the cross hairs of Beijing’s fight against corruption and capital outflow. The central government started urging the location to give up its obsession with the gaming sector, the taxes where pay for most public expenditures, back in the boom years, once the “build it and they can come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers joined with a slowing economy have increased the pressure to find new revenues.
Fundamental change has become slow into the future. Five casinos have opened since 2012 plus much more are on the way in which, including two from branches of 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 Casino tycoon daughter‘s half-sister Pansy Ho Chiu-king.
So are Sabrina’s cultural endeavours all just a little of soft advertising for the clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections can help it break into a brand new and wealthy market where no international house features a presence. Inturn, Ho says, sherrrd like the auctions to assist attract tourists and possibly encourage the city’s 600,000 residents to produce really an interest in culture. The partnership, called Poly Auction Macau, is 51 percent properties of Poly along with the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my youth in the middle of art as well as other collectables properties of her parents but she actually is new to angling towards the auctions business. After graduating with an arts degree in the University of Hong Kong, in 2013, she handled the branding and marketing side of the family’s hotel and property businesses. “But I like art i asked Poly if I can perform in your free time in their Hong Kong office, to learn about the auction world,” she says.
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