As pressure grows on Macau to find new sources of revenue, scion of casino dynasty imagines another future for that other SAR
Sabrina Ho Chiu-yeng is performing 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, in January she organised the first Macau sales by China’s state-owned Poly Auction and also in November held her annual hotel art fair, having already launched an exhibition to market the work of young art graduates in September.
“Macau is changing,” she tells The Collector. “We don’t need to rely just on the gaming industry. We’d like more families in the future for holidays, you want to boost our cultural and inventive industries.”
This is a politically correct view for that daughter of a casino magnate. Macau is in the cross hairs of Beijing’s war on corruption and capital outflow. The central government started urging town to give up its being hooked on the gaming sector, the taxes that 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 combined with a slowing economy have raised the pressure to find new revenues.
Fundamental change has been slow in the future. Five casinos have opened since 2012 and more are on the 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 Sabrina ho chiu yeng‘s half-sister Pansy Ho Chiu-king.
So can be Sabrina’s cultural endeavours all slightly of sentimental publicity for that clan?
Well, China’s biggest ah is treating her seriously, and hopes her youthful energy and family connections will help it get into a whole new and wealthy market where no international house carries a presence. In return, Ho says, she wants the auctions to help attract tourists and possibly let the city’s 600,000 residents to formulate really a desire for culture. The partnership, called Poly Auction Macau, is 51 percent properties of Poly and also the rest by Ho’s company, Chiu Yeng Culture.
Ho was raised surrounded by art and other collectables properties of her parents but jane is fairly new for the auctions business. After graduating with the arts degree from your University of Hong Kong, in 2013, she done the branding and marketing side from the family’s hotel and property businesses. “But I love art and I asked Poly if I could work in their free time inside their Hong Kong office, to discover the auction world,” she says.
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