As pressure grows on Macau to find new causes of revenue, scion of casino dynasty imagines another future to the 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 also known for gracing society and entertainment pages, but also in January she organised the initial Macau sales by China’s state-owned Poly Auction and also in November held her annual hotel art fair, having already launched an exhibition to market the work of young art graduates in September.
“Macau is evolving,” she tells The Collector. “We don’t need to rely just for the gaming industry. We want more families in the future in charge of holidays, we should boost our cultural and creative industries.”
It is a politically correct view to the daughter of your 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 being hooked on the gaming sector, the taxes from which pay for most public expenditures, back in the boom years, once the “build it and they’ll come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers along 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 saved to the 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 just a bit of sentimental pr to the clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections will help it enter a fresh and wealthy market where no international house carries a presence. In exchange, Ho says, sherrrd like the auctions to help attract tourists and maybe encourage the city’s 600,000 residents to produce a greater portion of an interest in culture. The partnership, called Poly Auction Macau, is 51 % of Poly along with the rest by Ho’s company, Chiu Yeng Culture.
Ho was raised in the middle of art as well as other collectables of her parents but jane is new to angling on the auctions business. After graduating with an arts degree through 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 favor art i asked Poly easily will work in your free time inside their Hong Kong office, to discover the auction world,” she says.
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