As pressure grows on Macau to locate new reasons for revenue, scion of casino dynasty imagines a different future for that other SAR
Sabrina Ho Chiu-yeng has been doing what she could to help Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun may be better 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 is beginning to change,” she tells The Collector. “We don’t need to rely just for the gaming industry. We want more families to come to put holidays, we would like to boost our cultural and creative industries.”
This can be a politically correct view for that daughter of a casino magnate. Macau influences cross hairs of Beijing’s war on corruption and capital outflow. The central government started urging the city to quit its addiction to the gaming sector, the required taxes where pay for most public expenditures, back during the boom years, when the “build it and they’ll come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers joined with a slowing economy have risen the stress to locate new revenues.
Fundamental change may be slow to come. Five casinos have opened since 2012 plus 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 Stanley ho daughter‘s half-sister Pansy Ho Chiu-king.
So may be Sabrina’s cultural endeavours all just a little of soppy pr for that clan?
Well, China’s biggest ah is treating her seriously, and hopes her youthful energy and family connections can help it get into a new and wealthy market where no international house features a presence. In exchange, Ho says, she would like the auctions to help attract tourists and maybe let the city’s 600,000 residents to build up a greater portion of a desire for culture. The partnership, called Poly Auction Macau, is 51 percent owned by Poly and also the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my youth surrounded by art along with other collectables owned by her parents but she actually is new to angling to the auctions business. After graduating by having an arts degree in the University of Hong Kong, in 2013, she labored on the branding and marketing side with the family’s hotel and property businesses. “But I prefer art and I asked Poly basically perform in your free time within their Hong Kong office, to understand the auction world,” she says.
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