As pressure grows on Macau to get new causes of revenue, scion of casino dynasty imagines another future to the other SAR
Sabrina Ho Chiu-yeng does what she’ll to assist Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun could be more well known for gracing society and entertainment pages, but also in January she organised the 1st Macau sales by China’s state-owned Poly Auction and then in November held her annual hotel art fair, having already launched an exhibition to market the task of young art graduates in September.
“Macau is changing,” she tells The Collector. “We don’t wish to rely just on the gaming industry. We’d like more families into the future in charge of holidays, you want to boost our cultural and artistic 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 give up its obsession with the gaming sector, the taxes from where pay for most public expenditures, back through the boom years, once 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 risen the pressure to get new revenues.
Fundamental change has become slow into the future. Five casinos have opened since 2012 plus much more are on the best 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 chiu yeng‘s half-sister Pansy Ho Chiu-king.
So can be Sabrina’s cultural endeavours all slightly of sentimental pr to the clan?
Well, China’s biggest ah is treating her seriously, and hopes her youthful energy and family connections will help it get into a whole new and wealthy market where no international house carries a presence. In return, Ho says, she wants the auctions to assist attract tourists as well as perhaps encourage the city’s 600,000 residents to formulate a greater portion of a desire for culture. The partnership, called Poly Auction Macau, is 51 percent properties of Poly and the rest by Ho’s company, Chiu Yeng Culture.
Ho grew up surrounded by art and other collectables properties of her parents but she actually is a newcomer for the auctions business. After graduating with the arts degree from the University of Hong Kong, in 2013, she worked on the branding and marketing side with the family’s hotel and property businesses. “But I prefer art and i also asked Poly if I perform part-time within their Hong Kong office, to understand the auction world,” she says.
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