As pressure grows on Macau to locate new causes of revenue, scion of casino dynasty imagines an alternative future to the other SAR
Sabrina Ho Chiu-yeng is doing what she will to assist Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun could be higher quality for gracing society and entertainment pages, but also in January she organised the very first Macau sales by China’s state-owned Poly Auction and then in November held her own annual hotel art fair, having already launched an exhibit to advertise the work of young art graduates in September.
“Macau has been evolving,” she tells The Collector. “We don’t need to rely just for the gaming industry. We would like more families ahead to put holidays, we would like to boost our cultural and creative industries.”
It is a politically correct view to the daughter of your casino magnate. Macau is incorporated in the cross hairs of Beijing’s fight against corruption and capital outflow. The central government started urging the location to give up its dependence on the gaming sector, the taxes where purchase most public expenditures, back through the boom years, once the “build it and they’ll come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers combined with a slowing economy have increased the pressure to locate new revenues.
Fundamental change has become slow ahead. Five casinos have opened since 2012 and 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 Casino tycoon daughter‘s half-sister Pansy Ho Chiu-king.
So are Sabrina’s cultural endeavours all just a bit of soppy advertising to the clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections might help it get into a whole new and wealthy market where no international house features a presence. In return, Ho says, sherrrd like the auctions to assist attract tourists and maybe let the city’s 600,000 residents to formulate a greater portion of a desire for culture. The partnership, called Poly Auction Macau, is 51 per-cent belonging to Poly as well as the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my youth in the middle of art and also other collectables belonging to her parents but she actually is new to angling for the auctions business. After graduating with the arts degree in the University of Hong Kong, in 2013, she worked on the branding and marketing side from the family’s hotel and property businesses. “But I love art and that i asked Poly only perform in your free time in their Hong Kong office, to find out about the auction world,” she says.
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