As pressure grows on Macau to locate new sources of revenue, scion of casino dynasty imagines a different future to the other SAR
Sabrina Ho Chiu-yeng does what she will to help Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun might be more well known for gracing society and entertainment pages, but also in January she organised the initial 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 project of young art graduates in September.
“Macau is evolving,” she tells The Collector. “We don’t wish to rely just on the gaming industry. We would like more families ahead in charge of holidays, you want to boost our cultural and inventive industries.”
This is the politically correct view to the daughter of a casino magnate. Macau is incorporated in the cross hairs of Beijing’s fight against corruption and capital outflow. The central government started urging the location to stop its obsession with the gaming sector, the required taxes from where buy most public expenditures, back during the boom years, if the “build it and they’re going to come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers joined with a slowing economy have risen the pressure to locate new revenues.
Fundamental change has become slow ahead. Five casinos have opened since 2012 and much more are on the way in which, including two from branches in 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 Stanley ho daughter‘s half-sister Pansy Ho Chiu-king.
So might be Sabrina’s cultural endeavours all just a bit of sentimental pr to the 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. Inturn, Ho says, she would like the auctions to help attract tourists and maybe encourage the city’s 600,000 residents to formulate a greater portion of a desire for culture. The partnership, called Poly Auction Macau, is 51 per cent of Poly as well as the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my childhood years flanked by art along with other collectables of her parents but she’s a novice on the auctions business. After graduating with the arts degree from your University of Hong Kong, in 2013, she worked on the branding and marketing side in the family’s hotel and property businesses. “But I love art i asked Poly easily will work in your free time within their Hong Kong office, to learn about the auction world,” she says.
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