As pressure grows on Macau to discover new causes of revenue, scion of casino dynasty imagines an alternative future for the other SAR
Sabrina Ho Chiu-yeng is doing what she’ll to aid Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun could possibly be higher quality for gracing society and entertainment pages, but 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 advertise the work of young art graduates in September.
“Macau is evolving,” she tells The Collector. “We don’t wish to rely just for the gaming industry. We’d like more families in the future here for holidays, we would like to boost our cultural and creative industries.”
This can be a politically correct view for the daughter of your 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 give up its obsession with the gaming sector, the required taxes that purchase most public expenditures, back in the boom years, when 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 increased pressure to discover new revenues.
Fundamental change has become slow in the future. Five casinos have opened since 2012 plus more are on just how, including two from branches of 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‘s half-sister Pansy Ho Chiu-king.
So may be Sabrina’s cultural endeavours all just a bit of sentimental pr for the clan?
Well, China’s biggest ah is treating her seriously, and hopes her youthful energy and family connections may help it enter a brand new and wealthy market where no international house includes a presence. In return, Ho says, she wants the auctions to aid attract tourists and possibly encourage the city’s 600,000 residents to produce much more of an interest in culture. The partnership, called Poly Auction Macau, is 51 per cent owned by Poly and also the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my childhood years encompassed by art and also other collectables owned by her parents but she actually is a newcomer to the auctions business. After graduating by having an arts degree through the University of Hong Kong, in 2013, she handled the branding and marketing side of the family’s hotel and property businesses. “But I favor art i asked Poly only perform in your free time at their Hong Kong office, to discover the auction world,” she says.
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