As pressure grows on Macau to find new causes of revenue, scion of casino dynasty imagines an alternative future to the other SAR
Sabrina Ho Chiu-yeng is doing what she will to aid Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun could be also known for gracing society and entertainment pages, in January she organised the first Macau sales by China’s state-owned Poly Auction and then in November held her annual hotel art fair, having already launched an exhibit to market the job of young art graduates in September.
“Macau is changing,” she tells The Collector. “We don’t need to rely just about the gaming industry. We’d like more families in the future for holidays, we should boost our cultural and artistic industries.”
This is a politically correct view to the daughter of an casino magnate. Macau is incorporated in 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 required taxes from where purchase most public expenditures, back during the boom years, if 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 find new revenues.
Fundamental change has been slow in the future. Five casinos have opened since 2012 plus much more are on 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 Casino tycoon daughter‘s half-sister Pansy Ho Chiu-king.
So can be Sabrina’s cultural endeavours all just a bit of soppy pr to the clan?
Well, China’s biggest ah is treating her seriously, and hopes her youthful energy and family connections may help it enter a fresh and wealthy market where no international house carries a presence. In turn, Ho says, she wants the auctions to aid attract tourists and perhaps encourage the city’s 600,000 residents to develop really an interest in culture. Their bond, called Poly Auction Macau, is 51 % belonging to Poly and the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my youth encompassed by art and also other collectables belonging to her parents but she actually is fairly new for the auctions business. After graduating having an arts degree from your University of Hong Kong, in 2013, she labored on the branding and marketing side with the family’s hotel and property businesses. “But I like art i asked Poly basically will work part time within their Hong Kong office, to find out about the auction world,” she says.
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