As pressure grows on Macau to locate new sources of revenue, scion of casino dynasty imagines another future for that other SAR
Sabrina Ho Chiu-yeng is performing what she’ll to aid Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun might be also known for gracing society and entertainment pages, in January she organised the initial Macau sales by China’s state-owned Poly Auction and also in November held her annual hotel art fair, having already launched an exhibition in promoting the job of young art graduates in September.
“Macau is beginning to change,” she tells The Collector. “We don’t want to rely just on the gaming industry. We would like more families ahead to put holidays, we should boost our cultural and creative industries.”
It is a politically correct view for that daughter of an casino magnate. Macau is in the cross hairs of Beijing’s fight against corruption and capital outflow. The central government started urging the town to quit its obsession with the gaming sector, the taxes from which buy most public expenditures, back in the boom years, when the “build it and they will come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers coupled with a slowing economy have gone up pressure to locate new revenues.
Fundamental change may be slow ahead. Five casinos have opened since 2012 and much more are on 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‘s half-sister Pansy Ho Chiu-king.
So are Sabrina’s cultural endeavours all slightly of soft publicity for that clan?
Well, China’s biggest ah is treating her seriously, and hopes her youthful energy and family connections might help it break into a whole new and wealthy market where no international house has a presence. In turn, Ho says, she would like the auctions to aid attract tourists and perhaps encourage the city’s 600,000 residents to build up really an interest in culture. Their bond, called Poly Auction Macau, is 51 per cent belonging to Poly as well as the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my youth in the middle of art and other collectables belonging to her parents but jane is a newcomer to the auctions business. After graduating having an arts degree through the University of Hong Kong, in 2013, she worked on the branding and marketing side with the family’s hotel and property businesses. “But I favor art and i also asked Poly easily will work in your free time at their Hong Kong office, to learn about the auction world,” she says.
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