As pressure grows on Macau to locate new reasons for revenue, scion of casino dynasty imagines a different future for the other SAR
Sabrina Ho Chiu-yeng does what she will to assist Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun may be better known for gracing society and entertainment pages, however in January she organised the initial Macau sales by China’s state-owned Poly Auction and also in November held her very own annual hotel art fair, having already launched an exhibition in promoting the task of young art graduates in September.
“Macau is changing,” she tells The Collector. “We don’t desire to rely just for the gaming industry. We would like more families to come in charge of holidays, we would like to boost our cultural and artistic industries.”
This is the politically correct view for the daughter of the casino magnate. Macau is within the cross hairs of Beijing’s fight against corruption and capital outflow. The central government started urging the location to relinquish its obsession with the gaming sector, the taxes from where spend on most public expenditures, back through the boom years, in the event the “build it and they will come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers joined with a slowing economy have raised pressure to succeed to locate new revenues.
Fundamental change may be slow to come. Five casinos have opened since 2012 and more are saved to the way in which, 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 Sabrina ho chiu yeng‘s half-sister Pansy Ho Chiu-king.
So might be Sabrina’s cultural endeavours all just a little of sentimental pr for the clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections might help it plunge into a brand new and wealthy market where no international house carries a presence. In turn, Ho says, she wants the auctions to assist 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 belonging to Poly along with the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my youth encompassed by art as well as other collectables belonging to her parents but she is fairly new towards the auctions business. After graduating with the arts degree from your University of Hong Kong, in 2013, she handled the branding and marketing side with the family’s hotel and property businesses. “But I favor art and I asked Poly basically perform in their free time in their Hong Kong office, to learn about the auction world,” she says.
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