As pressure grows on Macau to discover new sources of revenue, scion of casino dynasty imagines a different future to the other SAR
Sabrina Ho Chiu-yeng has been doing what she can to help 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 then in November held her own annual hotel art fair, having already launched an exhibit to market the work of young art graduates in September.
“Macau is changing,” 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 creative industries.”
It is a politically correct view to the daughter of your casino magnate. Macau is within the cross hairs of Beijing’s war on corruption and capital outflow. The central government started urging the location to quit its being hooked on the gaming sector, the required taxes from which spend on most public expenditures, back during 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 risen pressure to discover new revenues.
Fundamental change has become slow ahead. Five casinos have opened since 2012 and more are saved to just how, 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 Casino tycoon daughter‘s half-sister Pansy Ho Chiu-king.
So may be Sabrina’s cultural endeavours all slightly of soft pr to the clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections might help it plunge into a new and wealthy market where no international house features a presence. In turn, Ho says, sherrrd like the auctions to help attract tourists and maybe let the city’s 600,000 residents to produce a greater portion of an interest in culture. The partnership, called Poly Auction Macau, is 51 per-cent properties of Poly along with the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my youth flanked by art along with other collectables properties of her parents but jane is a novice on the auctions business. After graduating with the arts degree from your University of Hong Kong, in 2013, she labored on the branding and marketing side in the family’s hotel and property businesses. “But I like art and i also asked Poly if I can perform in their free time within their Hong Kong office, to discover the auction world,” she says.
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