As pressure grows on Macau to find new sources of revenue, scion of casino dynasty imagines an alternative future for that other SAR
Sabrina Ho Chiu-yeng is performing what she could to aid Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun may be better known for gracing society and entertainment pages, but in January she organised the 1st 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 promote the project of young art graduates in September.
“Macau is changing,” she tells The Collector. “We don’t desire to rely just on the gaming industry. We wish more families to come here for holidays, you want to boost our cultural and inventive industries.”
It is a politically correct view for that daughter of your casino magnate. Macau is incorporated in the cross hairs of Beijing’s war on corruption and capital outflow. The central government started urging the city to give up its obsession with the gaming sector, the required taxes from where buy most public expenditures, back during the boom years, in the event the “build it and they can come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers along with a slowing economy have raised pressure to find new revenues.
Fundamental change has become slow to come. Five casinos have opened since 2012 and much more are saved to the best way, 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 Sabrina ho‘s half-sister Pansy Ho Chiu-king.
So might be Sabrina’s cultural endeavours all slightly of soft pr for that clan?
Well, China’s biggest ah is treating her seriously, and hopes her youthful energy and family connections can help it plunge into a whole new and wealthy market where no international house has a presence. In return, Ho says, she wants the auctions to aid attract tourists and perhaps encourage the city’s 600,000 residents to build up more of a desire for 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 grew up in the middle of art and other collectables belonging to her parents but jane is a novice towards the auctions business. After graduating having an arts degree through the University of Hong Kong, in 2013, she handled the branding and marketing side with the family’s hotel and property businesses. “But I love art and i also asked Poly only can perform in your free time within their Hong Kong office, to discover the auction world,” she says.
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