As pressure grows on Macau to get new sources of revenue, scion of casino dynasty imagines some other future to the other SAR
Sabrina Ho Chiu-yeng does what she will to help Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun could be higher quality for gracing society and entertainment pages, but also in January she organised the first Macau sales by China’s state-owned Poly Auction and then in November held her very own annual hotel art fair, having already launched an exhibit to market the task of young art graduates in September.
“Macau is changing,” she tells The Collector. “We don’t need to rely just for the gaming industry. We would like more families in the future to put holidays, you want to boost our cultural and inventive industries.”
This is a politically correct view to the 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 town to quit its addiction to the gaming sector, the taxes from where pay for most public expenditures, back during the boom years, when the “build it and they’re going to come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers coupled with a slowing economy have gone up pressure to get new revenues.
Fundamental change may be slow in the future. Five casinos have opened since 2012 plus much more are saved to the best way, including two from branches of 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 little of soft pr to the clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections might help it enter a fresh and wealthy market where no international house has a presence. In turn, Ho says, she would like the auctions to help attract tourists and perhaps encourage the city’s 600,000 residents to formulate a greater portion of a desire for culture. Their bond, called Poly Auction Macau, is 51 per-cent owned by Poly along with the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my childhood years encompassed by art along with other collectables owned by her parents but she is new to angling to the auctions business. After graduating by having an arts degree through the University of Hong Kong, in 2013, she labored on the branding and marketing side of the family’s hotel and property businesses. “But I love art and that i asked Poly basically will work part-time inside their Hong Kong office, to learn about the auction world,” she says.
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