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 does what she can to help you Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun may be higher quality 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 exhibit to market the project of young art graduates in September.
“Macau is evolving,” she tells The Collector. “We don’t need to rely just on the gaming industry. We wish more families to come in charge of holidays, you want to boost our cultural and creative industries.”
This is a politically correct view for that daughter of an casino magnate. Macau is within the cross hairs of Beijing’s war on corruption and capital outflow. The central government started urging the city to relinquish its addiction to the gaming sector, the taxes where purchase most public expenditures, back in the boom years, in the event the “build it and they’re going to come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers joined with a slowing economy have increased pressure to succeed to get new revenues.
Fundamental change may be slow to come. Five casinos have opened since 2012 and more are on the way, 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 Stanley ho daughter‘s half-sister Pansy Ho Chiu-king.
So may be Sabrina’s cultural endeavours all slightly of sentimental publicity for that clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections can help it get into a whole new and wealthy market where no international house has a presence. In turn, Ho says, she would like the auctions to help you attract tourists and maybe encourage the city’s 600,000 residents to develop more of an interest in culture. The partnership, called Poly Auction Macau, is 51 percent belonging to Poly and also the rest by Ho’s company, Chiu Yeng Culture.
Ho grew up flanked by art and other collectables belonging to her parents but she’s a novice on the auctions business. After graduating with an arts degree through the University of Hong Kong, in 2013, she handled the branding and marketing side with the family’s hotel and property businesses. “But I love art and that i asked Poly easily perform part time within their Hong Kong office, to discover the auction world,” she says.
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