As pressure grows on Macau to get new options for revenue, scion of casino dynasty imagines a different future for your other SAR
Sabrina Ho Chiu-yeng is performing what she could to assist 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 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 wish to rely just on the gaming industry. We wish more families in the future in charge of holidays, we want to boost our cultural and inventive industries.”
This is a politically correct view for your daughter of a casino magnate. Macau is within the cross hairs of Beijing’s fight against corruption and capital outflow. The central government started urging the location to stop its obsession with the gaming sector, the taxes from which spend on most public expenditures, back throughout the boom years, when 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 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 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 Sabrina ho‘s half-sister Pansy Ho Chiu-king.
So can be Sabrina’s cultural endeavours all just a bit of soppy publicity for your 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. Inturn, Ho says, sherrrd like the auctions to assist attract tourists and possibly let the city’s 600,000 residents to produce much more of an interest in culture. The partnership, called Poly Auction Macau, is 51 per-cent belonging to Poly and also the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my youth in the middle of art as well as other collectables belonging to her parents but she’s new to angling for the auctions business. After graduating with the arts degree through the University of Hong Kong, in 2013, she done the branding and marketing side with the family’s hotel and property businesses. “But I like art i asked Poly only will work part time at their Hong Kong office, to discover the auction world,” she says.
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