As pressure grows on Macau to find new sources of revenue, scion of casino dynasty imagines an alternative future to the other SAR
Sabrina Ho Chiu-yeng is performing what she could 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, however in January she organised the 1st 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 work of young art graduates in September.
“Macau is evolving,” she tells The Collector. “We don’t wish to rely just on the gaming industry. We would like more families into the future in charge of holidays, we should boost our cultural and creative industries.”
It is a politically correct view to the daughter of a casino magnate. Macau influences cross hairs of Beijing’s war on corruption and capital outflow. The central government started urging the town to give up its dependence on the gaming sector, the required taxes that buy most public expenditures, back throughout the boom years, if the “build it and they will come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers combined with a slowing economy have raised the stress to find new revenues.
Fundamental change has become slow into the future. Five casinos have opened since 2012 plus more are saved to the best way, 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 Stanley ho daughter‘s half-sister Pansy Ho Chiu-king.
So are Sabrina’s cultural endeavours all just a little of soppy publicity 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 brand new and wealthy market where no international house includes a presence. In turn, Ho says, sherrrd like the auctions to aid attract tourists and perhaps let the city’s 600,000 residents to formulate really an interest in culture. Their bond, called Poly Auction Macau, is 51 percent properties of Poly and the rest by Ho’s company, Chiu Yeng Culture.
Ho was raised flanked by art along with other collectables properties of her parents but she is a newcomer on the auctions business. After graduating having an arts degree in the University of Hong Kong, in 2013, she done the branding and marketing side from the family’s hotel and property businesses. “But I like art and I asked Poly only perform in your free time within their Hong Kong office, to find out about the auction world,” she says.
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