As pressure grows on Macau to discover new reasons for revenue, scion of casino dynasty imagines some other future for the other SAR
Sabrina Ho Chiu-yeng does what she will to help Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun might be higher quality for gracing society and entertainment pages, in January she organised the first Macau sales by China’s state-owned Poly Auction and then in November held her own annual hotel art fair, having already launched an exhibition in promoting the job of young art graduates in September.
“Macau is evolving,” she tells The Collector. “We don’t need to rely just about the gaming industry. We would like more families into the future here for holidays, we should boost our cultural and artistic industries.”
This can be a politically correct view for the daughter of the casino magnate. Macau is within the cross hairs of Beijing’s fight against corruption and capital outflow. The central government started urging the city to relinquish its dependence on the gaming sector, the required taxes from which spend on most public expenditures, back during the boom years, when the “build it and they can come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers along with a slowing economy have risen the stress to discover new revenues.
Fundamental change continues to be slow into the future. Five casinos have opened since 2012 plus more are saved to the way in which, 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 just a bit of sentimental public relations for the clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections can help it enter a fresh and wealthy market where no international house includes a presence. Inturn, Ho says, she wants the auctions to help attract tourists as well as perhaps let the city’s 600,000 residents to produce really a desire for culture. Their bond, called Poly Auction Macau, is 51 % of Poly and the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my youth flanked by art and other collectables of her parents but jane is a novice to the auctions business. After graduating with an arts degree through the University of Hong Kong, in 2013, she worked on the branding and marketing side from the family’s hotel and property businesses. “But I prefer art and that i asked Poly easily could work part time in their Hong Kong office, to find out about the auction world,” she says.
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