As pressure grows on Macau to get new reasons for revenue, scion of casino dynasty imagines a different future for that other SAR
Sabrina Ho Chiu-yeng is performing what she can to help Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun could be higher quality for gracing society and entertainment pages, however in January she organised the very first Macau sales by China’s state-owned Poly Auction and then in November held her annual hotel art fair, having already launched an exhibit to market the task of young art graduates in September.
“Macau is changing,” she tells The Collector. “We don’t need to rely just for the gaming industry. We want more families to come here for holidays, you want to boost our cultural and artistic industries.”
This is a politically correct view for that daughter of your casino magnate. Macau is within the cross hairs of Beijing’s war on corruption and capital outflow. The central government started urging the town to relinquish its addiction to the gaming sector, the taxes from where spend on most public expenditures, back throughout the boom years, once the “build it and they will come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers along with a slowing economy have gone up the pressure to get new revenues.
Fundamental change continues to be slow to come. Five casinos have opened since 2012 and more take presctiption 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 can be Sabrina’s cultural endeavours all just a little of sentimental publicity for that clan?
Well, China’s biggest ah is treating her seriously, and hopes her youthful energy and family connections will help it break into a fresh and wealthy market where no international house features a presence. In turn, Ho says, she would like the auctions to help attract tourists and maybe let the city’s 600,000 residents to build up really an interest in culture. The partnership, called Poly Auction Macau, is 51 per cent properties of Poly and the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my childhood years surrounded by art and other collectables properties of her parents but she’s a newcomer on the auctions business. After graduating with the arts degree from your University of Hong Kong, in 2013, she worked on the branding and marketing side from the family’s hotel and property businesses. “But I prefer art i asked Poly basically can perform in their free time within their Hong Kong office, to discover the auction world,” she says.
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