As pressure grows on Macau to discover new causes of revenue, scion of casino dynasty imagines another future for 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 might be better known 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 exhibition to promote the task of young art graduates in September.
“Macau is beginning to change,” she tells The Collector. “We don’t need to rely just around the gaming industry. We want more families into the future to put holidays, we would like to boost our cultural and inventive industries.”
This is the politically correct view for the daughter of the 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 quit its dependence on the gaming sector, the required taxes that purchase most public expenditures, back during the boom years, in the event the “build it and they’re going to come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers along with a slowing economy have gone up the stress to discover new revenues.
Fundamental change may be slow into the future. Five casinos have opened since 2012 and much more are saved to the way in which, 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 might be Sabrina’s cultural endeavours all just a bit of soppy publicity for the clan?
Well, China’s biggest ah is treating her seriously, and hopes her youthful energy and family connections can help it get into a fresh and wealthy market where no international house features a presence. Inturn, Ho says, sherrrd like the auctions to help attract tourists and perhaps encourage the city’s 600,000 residents to produce really a desire for culture. Their bond, called Poly Auction Macau, is 51 % of Poly and also the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my childhood years surrounded by art as well as other collectables of her parents but she’s fairly new on the auctions business. After graduating having an arts degree in 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 like art and that i asked Poly only perform part-time at their Hong Kong office, to discover the auction world,” she says.
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