As pressure grows on Macau to find new options for revenue, scion of casino dynasty imagines some other future for your other SAR
Sabrina Ho Chiu-yeng is performing what she will to aid Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun may be also known for gracing society and entertainment pages, in January she organised the 1st 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 in promoting the task of young art graduates in September.
“Macau has been evolving,” she tells The Collector. “We don’t need to rely just on the gaming industry. We’d like more families in the future to put holidays, we would like to boost our cultural and inventive industries.”
This is a politically correct view for your daughter of a casino magnate. Macau is within the cross hairs of Beijing’s fight against corruption and capital outflow. The central government started urging the town to relinquish its obsession with the gaming sector, the taxes that spend on most public expenditures, back in 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 gone up pressure to succeed to find new revenues.
Fundamental change may be slow in the future. Five casinos have opened since 2012 plus much more are on the best 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 Casino tycoon daughter‘s half-sister Pansy Ho Chiu-king.
So can be Sabrina’s cultural endeavours all slightly of soft pr for your clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections might help it get into a whole new and wealthy market where no international house has a presence. In exchange, Ho says, she wants the auctions to aid attract tourists and maybe encourage the city’s 600,000 residents to formulate much more of a desire for culture. Their bond, called Poly Auction Macau, is 51 percent belonging to Poly along with the rest by Ho’s company, Chiu Yeng Culture.
Ho grew up surrounded by art and other collectables belonging to her parents but she is a novice to the auctions business. After graduating with an arts degree from the University of Hong Kong, in 2013, she done the branding and marketing side from the family’s hotel and property businesses. “But I prefer art i asked Poly if I can perform part time within their Hong Kong office, to learn about the auction world,” she says.
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