As pressure grows on Macau to get new sources of revenue, scion of casino dynasty imagines another future for the other SAR
Sabrina Ho Chiu-yeng is doing what she can to assist Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun could be better known for gracing society and entertainment pages, in January she organised the initial Macau sales by China’s state-owned Poly Auction and then in November held her very own annual hotel art fair, having already launched an exhibit to market the job of young art graduates in September.
“Macau has been evolving,” she tells The Collector. “We don’t need to rely just about the gaming industry. We’d like more families into the future to put holidays, you want to boost our cultural and artistic industries.”
This is a politically correct view for the daughter of the 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 give up its addiction to the gaming sector, the required taxes from where spend on most public expenditures, back throughout the boom years, if the “build it and they can come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers coupled with a slowing economy have gone up pressure to succeed to get new revenues.
Fundamental change has been slow into the future. Five casinos have opened since 2012 plus much more are stored on the best way, including two from branches from 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 little of soppy advertising for the clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections may help it enter a new and wealthy market where no international house has a presence. In return, Ho says, she would like the auctions to assist attract tourists as well as perhaps let the city’s 600,000 residents to develop really an interest in culture. The partnership, called Poly Auction Macau, is 51 percent belonging to Poly as well as the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my childhood years encompassed by art and also other collectables belonging to her parents but she actually is a novice on the auctions business. After graduating having an arts degree from your University of Hong Kong, in 2013, she handled the branding and marketing side from the family’s hotel and property businesses. “But I favor art and that i asked Poly if I will work in your free time within their Hong Kong office, to learn about the auction world,” she says.
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