As pressure grows on Macau to find new options for revenue, scion of casino dynasty imagines an alternative future for that other SAR
Sabrina Ho Chiu-yeng has been doing what she will to aid Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun might be more well known for gracing society and entertainment pages, however in January she organised the very first Macau sales by China’s state-owned Poly Auction and also in November held her own annual hotel art fair, having already launched an exhibit to advertise the job of young art graduates in September.
“Macau has been evolving,” she tells The Collector. “We don’t need to rely just around the gaming industry. We would like more families ahead here for holidays, we would like to boost our cultural and artistic industries.”
This is the politically correct view for that daughter of the casino magnate. Macau is incorporated in the cross hairs of Beijing’s war on corruption and capital outflow. The central government started urging the town to quit its obsession with the gaming sector, the required taxes where pay for most public expenditures, back throughout the boom years, when the “build it and they’re going to come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers coupled with a slowing economy have risen pressure to find new revenues.
Fundamental change continues to be slow ahead. Five casinos have opened since 2012 plus more are saved to the way, 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 might be Sabrina’s cultural endeavours all slightly of soppy publicity for that clan?
Well, China’s biggest ah is treating her seriously, and hopes her youthful energy and family connections may help it break into a fresh and wealthy market where no international house carries a presence. In return, Ho says, she would like the auctions to aid attract tourists as well as perhaps encourage the city’s 600,000 residents to build up much more of a desire for culture. The partnership, called Poly Auction Macau, is 51 % owned by Poly and the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my childhood years in the middle of art along with other collectables owned by her parents but she’s a novice towards the auctions business. After graduating with an arts degree through the University of Hong Kong, in 2013, she worked on the branding and marketing side of the family’s hotel and property businesses. “But I love art and i also asked Poly easily can perform part-time at their Hong Kong office, to discover the auction world,” she says.
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