As pressure grows on Macau to find new causes of revenue, scion of casino dynasty imagines an alternative future for that other SAR
Sabrina Ho Chiu-yeng is performing what she can to help Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun could 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 to promote the task of young art graduates in September.
“Macau is changing,” she tells The Collector. “We don’t wish to rely just around the gaming industry. We wish more families in the future here for holidays, we want to boost our cultural and artistic industries.”
This can be a politically correct view for that daughter of an casino magnate. Macau is incorporated in the cross hairs of Beijing’s fight against corruption and capital outflow. The central government started urging the city to quit its addiction to the gaming sector, the taxes from where pay for 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 coupled with a slowing economy have risen pressure to find new revenues.
Fundamental change continues to be slow in the future. Five casinos have opened since 2012 and much more are saved to the 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 Sabrina ho chiu yeng‘s half-sister Pansy Ho Chiu-king.
So might 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 can help it get into a fresh and wealthy market where no international house has a presence. In exchange, Ho says, sherrrd like the auctions to help attract tourists and perhaps encourage the city’s 600,000 residents to formulate a greater portion of a desire for culture. Their bond, called Poly Auction Macau, is 51 percent properties of Poly as well as the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my youth in the middle of art and other collectables properties of her parents but she’s new to angling on the auctions business. After graduating with the arts degree from the University of Hong Kong, in 2013, she handled the branding and marketing side from the family’s hotel and property businesses. “But I love art i asked Poly basically can perform in your free time within their Hong Kong office, to learn about the auction world,” she says.
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