As pressure grows on Macau to get new causes of revenue, scion of casino dynasty imagines some other future for 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 might be also known for gracing society and entertainment pages, however in January she organised the first Macau sales by China’s state-owned Poly Auction and also in November held her annual hotel art fair, having already launched an exhibit to advertise the project of young art graduates in September.
“Macau is beginning to change,” she tells The Collector. “We don’t need to rely just for the gaming industry. We’d like more families ahead here for holidays, we should boost our cultural and artistic industries.”
This is the politically correct view for the daughter of the 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 relinquish its addiction to the gaming sector, the taxes that purchase most public expenditures, back throughout the boom years, when the “build it and they’re going to come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers joined with a slowing economy have increased the pressure to get new revenues.
Fundamental change may be slow ahead. Five casinos have opened since 2012 and much more are saved to the way in which, including two from branches in 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 are Sabrina’s cultural endeavours all just a bit of soppy pr for the clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections will help it enter a brand new and wealthy market where no international house has a presence. Inturn, Ho says, she would like the auctions to assist attract tourists and maybe encourage the city’s 600,000 residents to formulate much more of a desire for culture. Their bond, called Poly Auction Macau, is 51 per-cent belonging to Poly as well as the rest by Ho’s company, Chiu Yeng Culture.
Ho was raised surrounded by art as well as other collectables belonging to her parents but she actually is new to angling for the auctions business. After graduating having an arts degree in the University of Hong Kong, in 2013, she worked on the branding and marketing side in the family’s hotel and property businesses. “But I prefer art and i also asked Poly only could work part time in their Hong Kong office, to understand the auction world,” she says.
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