As pressure grows on Macau to discover new reasons for revenue, scion of casino dynasty imagines an alternative future to the other SAR
Sabrina Ho Chiu-yeng is performing what she’ll to help Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun could possibly be better known for gracing society and entertainment pages, but in January she organised the first 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 beginning to change,” she tells The Collector. “We don’t want to rely just around the gaming industry. We would like more families in the future in charge of holidays, we would like to boost our cultural and artistic industries.”
This can be a politically correct view to the daughter of your casino magnate. Macau influences cross hairs of Beijing’s war on corruption and capital outflow. The central government started urging the city to relinquish its being hooked on the gaming sector, the required taxes from where purchase most public expenditures, back in the boom years, if the “build it and they can come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers along with a slowing economy have raised the pressure to discover new revenues.
Fundamental change has been slow in the future. Five casinos have opened since 2012 plus much more are on just how, 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 Casino tycoon daughter‘s half-sister Pansy Ho Chiu-king.
So might be Sabrina’s cultural endeavours all just a bit of sentimental publicity to the clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections can help it enter a new and wealthy market where no international house carries a presence. Inturn, Ho says, sherrrd like the auctions to help attract tourists and maybe encourage the city’s 600,000 residents to develop really an interest in culture. The partnership, called Poly Auction Macau, is 51 percent properties of Poly and also the rest by Ho’s company, Chiu Yeng Culture.
Ho grew up flanked by art and also other collectables properties of her parents but she actually is new to angling on the auctions business. After graduating with an arts degree from the University of Hong Kong, in 2013, she labored on the branding and marketing side with the family’s hotel and property businesses. “But I prefer art and I asked Poly basically perform in your free time in their Hong Kong office, to understand the auction world,” she says.
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