As pressure grows on Macau to locate new causes of revenue, scion of casino dynasty imagines some other future for your other SAR
Sabrina Ho Chiu-yeng is 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, in January she organised the initial Macau sales by China’s state-owned Poly Auction and then in November held her own annual hotel art fair, having already launched an exhibit in promoting the job of young art graduates in September.
“Macau is changing,” she tells The Collector. “We don’t need to rely just about the gaming industry. We wish more families to come to put holidays, we should boost our cultural and creative industries.”
This is a politically correct view for your daughter of the casino magnate. Macau influences cross hairs of Beijing’s war on corruption and capital outflow. The central government started urging the city to relinquish its being hooked on the gaming sector, the taxes from which buy most public expenditures, back through the boom years, once the “build it and they can come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers joined with a slowing economy have increased the stress to locate 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 of 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 Sabrina ho chiu yeng‘s half-sister Pansy Ho Chiu-king.
So are Sabrina’s cultural endeavours all just a little of soppy public relations for your clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections can help it enter a new and wealthy market where no international house includes a presence. In return, Ho says, sherrrd like the auctions to help attract tourists and perhaps encourage the city’s 600,000 residents to develop more of a desire for culture. Their bond, called Poly Auction Macau, is 51 % owned by Poly along with the rest by Ho’s company, Chiu Yeng Culture.
Ho was raised encompassed by art and also other collectables owned by her parents but she is fairly new for the auctions business. After graduating with an arts degree from the University of Hong Kong, in 2013, she worked on the branding and marketing side of the family’s hotel and property businesses. “But I prefer art and that i asked Poly only could work part time within their Hong Kong office, to find out about the auction world,” she says.
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