As pressure grows on Macau to locate new options for revenue, scion of casino dynasty imagines a different future to the other SAR
Sabrina Ho Chiu-yeng has been doing what she’ll to assist Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun could possibly 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 very own annual hotel art fair, having already launched an exhibit to advertise the task of young art graduates in September.
“Macau is evolving,” she tells The Collector. “We don’t want to rely just around the gaming industry. We’d like more families into the future to put holidays, we would like to boost our cultural and artistic industries.”
It is a politically correct view to the daughter of a casino magnate. Macau is incorporated in the cross hairs of Beijing’s fight against corruption and capital outflow. The central government started urging town to stop its addiction to the gaming sector, the required taxes that pay for most public expenditures, back during the boom years, once the “build it and they will come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers combined with a slowing economy have increased the stress to locate new revenues.
Fundamental change has been slow into the future. Five casinos have opened since 2012 plus more are saved to the way in which, 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 Stanley ho daughter‘s half-sister Pansy Ho Chiu-king.
So might be Sabrina’s cultural endeavours all just a bit of soppy publicity to the 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 has a presence. In turn, Ho says, she wants the auctions to assist attract tourists and perhaps let the city’s 600,000 residents to develop much more of a desire for culture. Their bond, called Poly Auction Macau, is 51 percent owned by Poly and the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my youth surrounded by art and other collectables owned by her parents but she’s fairly new to the auctions business. After graduating having an arts degree from your University of Hong Kong, in 2013, she worked on the branding and marketing side with the family’s hotel and property businesses. “But I like art and I asked Poly if I will work in your free time at their Hong Kong office, to discover the auction world,” she says.
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