As pressure grows on Macau to get new sources of revenue, scion of casino dynasty imagines a different future to the other SAR
Sabrina Ho Chiu-yeng does what she will to help Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun could be more well known for gracing society and entertainment pages, however in January she organised the 1st 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 to market the work of young art graduates in September.
“Macau is evolving,” she tells The Collector. “We don’t need to rely just for the gaming industry. We’d like more families in the future to put holidays, we would like to boost our cultural and inventive industries.”
It is a politically correct view to the daughter of an casino magnate. Macau influences cross hairs of Beijing’s war on corruption and capital outflow. The central government started urging the town to stop its dependence on the gaming sector, the taxes from which buy most public expenditures, back in the boom years, in the event the “build it and they’ll come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers coupled with a slowing economy have risen pressure to get new revenues.
Fundamental change has been slow in the future. Five casinos have opened since 2012 plus more take presctiption the way in which, 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 chiu yeng‘s half-sister Pansy Ho Chiu-king.
So may be Sabrina’s cultural endeavours all just a bit of sentimental advertising to the clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections can help it plunge into a fresh and wealthy market where no international house has a presence. In turn, Ho says, sherrrd like the auctions to help attract tourists as well as perhaps let the city’s 600,000 residents to develop more of an interest in culture. Their bond, called Poly Auction Macau, is 51 % owned by Poly and also the rest by Ho’s company, Chiu Yeng Culture.
Ho was raised in the middle of art along with other collectables owned by her parents but she actually is new to angling towards 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 prefer art and I asked Poly basically can perform part-time within their Hong Kong office, to learn about the auction world,” she says.
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