As pressure grows on Macau to locate new reasons for revenue, scion of casino dynasty imagines a different future to the other SAR
Sabrina Ho Chiu-yeng is doing what she can to help you Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun might be also known for gracing society and entertainment pages, but in January she organised the first Macau sales by China’s state-owned Poly Auction and also in November held her own annual hotel art fair, having already launched an exhibit to market the job of young art graduates in September.
“Macau is evolving,” she tells The Collector. “We don’t desire to rely just about the gaming industry. We’d like more families to come for holidays, we want to boost our cultural and artistic industries.”
This is a politically correct view to the daughter of the casino magnate. Macau is in the cross hairs of Beijing’s fight against corruption and capital outflow. The central government started urging the town to quit its addiction to the gaming sector, the taxes that buy most public expenditures, back during the boom years, if the “build it and they can come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers combined with a slowing economy have gone up pressure to succeed to locate new revenues.
Fundamental change continues to be slow to come. Five casinos have opened since 2012 plus more are on 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 Casino tycoon daughter‘s half-sister Pansy Ho Chiu-king.
So are Sabrina’s cultural endeavours all just a little of sentimental public relations to the clan?
Well, China’s biggest ah is treating her seriously, and hopes her youthful energy and family connections may help it break into a brand new and wealthy market where no international house includes a presence. In return, Ho says, she wants the auctions to help you attract tourists as well as perhaps let the city’s 600,000 residents to produce really a desire for culture. Their bond, called Poly Auction Macau, is 51 per cent owned by Poly along with the rest by Ho’s company, Chiu Yeng Culture.
Ho grew up encompassed by art and also other collectables owned by her parents but she’s fairly new for the auctions business. After graduating with the arts degree from your 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 i also asked Poly basically perform in your free time within their Hong Kong office, to find out about the auction world,” she says.
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