As pressure grows on Macau to get new options for revenue, scion of casino dynasty imagines a different future to the other SAR
Sabrina Ho Chiu-yeng has been doing what she could to help Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun might be more well known for gracing society and entertainment pages, but also 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 exhibit to market the work of young art graduates in September.
“Macau is evolving,” she tells The Collector. “We don’t wish to rely just around the gaming industry. We would like more families in the future for holidays, we want to boost our cultural and inventive industries.”
It is a politically correct view to the daughter of your casino magnate. Macau is incorporated in the cross hairs of Beijing’s war on corruption and capital outflow. The central government started urging the city to quit its dependence on the gaming sector, the required taxes from which purchase most public expenditures, back throughout the boom years, once the “build it and they’ll come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers along with a slowing economy have gone up pressure to succeed to get new revenues.
Fundamental change continues to be slow in the future. Five casinos have opened since 2012 plus more are stored on the best way, 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 Casino tycoon daughter‘s half-sister Pansy Ho Chiu-king.
So are Sabrina’s cultural endeavours all slightly of sentimental public relations to the clan?
Well, China’s biggest ah is treating her seriously, and hopes her youthful energy and family connections might help it enter a brand new and wealthy market where no international house includes a presence. In return, Ho says, she would like the auctions to help attract tourists and maybe encourage the city’s 600,000 residents to formulate much more of a desire for culture. Their bond, called Poly Auction Macau, is 51 percent properties of Poly and also the rest by Ho’s company, Chiu Yeng Culture.
Ho was raised encompassed by art and also other collectables properties of her parents but she’s a novice for 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 in the family’s hotel and property businesses. “But I love art and that i asked Poly easily can perform in their free time at their Hong Kong office, to discover the auction world,” she says.
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