As pressure grows on Macau to locate new reasons for revenue, scion of casino dynasty imagines a different 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 very first Macau sales by China’s state-owned Poly Auction and then in November held her own annual hotel art fair, having already launched an exhibition to promote the job of young art graduates in September.
“Macau has been evolving,” she tells The Collector. “We don’t desire to rely just for the gaming industry. We’d like more families ahead in charge of holidays, we should boost our cultural and inventive industries.”
It is a politically correct view for that daughter of a casino magnate. Macau is in the cross hairs of Beijing’s fight against corruption and capital outflow. The central government started urging the location to quit its addiction to the gaming sector, the required taxes where spend on most public expenditures, back in the boom years, if the “build it and they will come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers coupled with a slowing economy have raised pressure to locate new revenues.
Fundamental change may be slow ahead. Five casinos have opened since 2012 and more are stored 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 Sabrina ho‘s half-sister Pansy Ho Chiu-king.
So may be Sabrina’s cultural endeavours all slightly of soppy pr for that clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections might help it break into a whole new and wealthy market where no international house carries a presence. In return, Ho says, sherrrd like the auctions to help attract tourists as well as perhaps encourage the city’s 600,000 residents to formulate more of an interest in culture. Their bond, called Poly Auction Macau, is 51 percent properties of Poly and also the rest by Ho’s company, Chiu Yeng Culture.
Ho grew up encompassed by art and also other collectables properties of her parents but she’s a newcomer towards the auctions business. After graduating having an arts degree from the University of Hong Kong, in 2013, she labored on the branding and marketing side from the family’s hotel and property businesses. “But I prefer art and I asked Poly if I could work part time at their Hong Kong office, to learn about the auction world,” she says.
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