As pressure grows on Macau to locate new sources of revenue, scion of casino dynasty imagines an alternative future for your 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 could be higher quality for gracing society and entertainment pages, 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 exhibition to advertise the project of young art graduates in September.
“Macau is beginning to change,” she tells The Collector. “We don’t need to rely just on the gaming industry. We would like more families into the future for holidays, we would like to boost our cultural and inventive industries.”
It is a politically correct view for your daughter of an casino magnate. Macau influences cross hairs of Beijing’s war on corruption and capital outflow. The central government started urging town to stop its addiction to the gaming sector, the required taxes from which pay for most public expenditures, back throughout the boom years, in the event 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 increased pressure to succeed to locate new revenues.
Fundamental change has become slow into the future. Five casinos have opened since 2012 plus more are on the way, 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 might be Sabrina’s cultural endeavours all just a bit of soft publicity for your clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections will help it break into a fresh and wealthy market where no international house features a presence. In return, Ho says, she would like the auctions to help attract tourists and maybe let the city’s 600,000 residents to develop really a desire for culture. The partnership, called Poly Auction Macau, is 51 percent owned by Poly and the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my childhood years in the middle of art and also other collectables owned by her parents but she’s a newcomer on the auctions business. After graduating by having an arts degree from your University of Hong Kong, in 2013, she done the branding and marketing side in the family’s hotel and property businesses. “But I like art and i also asked Poly basically can perform in their free time in their Hong Kong office, to learn about the auction world,” she says.
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