As pressure grows on Macau to discover new reasons for revenue, scion of casino dynasty imagines another future for that other SAR
Sabrina Ho Chiu-yeng does what she will to aid Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun may be more well known for gracing society and entertainment pages, but in January she organised the initial Macau sales by China’s state-owned Poly Auction and then in November held her very own annual hotel art fair, having already launched an exhibition to promote the project of young art graduates in September.
“Macau is beginning to change,” she tells The Collector. “We don’t need to rely just about the gaming industry. We’d like more families into the future to put holidays, we want to boost our cultural and creative industries.”
This is a politically correct view for that 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 town to give up its addiction to the gaming sector, the required taxes that buy most public expenditures, back during the boom years, once the “build it and they’re going to come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers combined with a slowing economy have increased the stress to discover new revenues.
Fundamental change has become slow into the future. Five casinos have opened since 2012 and much more are stored on the way in which, including two from branches in 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 Stanley ho daughter‘s half-sister Pansy Ho Chiu-king.
So can be Sabrina’s cultural endeavours all slightly of soft public relations for that clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections might help it enter a whole new and wealthy market where no international house features a presence. In exchange, Ho says, she wants the auctions to aid attract tourists and perhaps encourage the city’s 600,000 residents to formulate really an interest in culture. Their bond, called Poly Auction Macau, is 51 percent owned by Poly and 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’s a novice for the auctions business. After graduating with the arts degree through the University of Hong Kong, in 2013, she done the branding and marketing side in the family’s hotel and property businesses. “But I like art and i also asked Poly if I could work in your free time at their Hong Kong office, to understand the auction world,” she says.
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