As pressure grows on Macau to get new sources of revenue, scion of casino dynasty imagines a different future for the 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 better known for gracing society and entertainment pages, but in January she organised the very first 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 exhibition in promoting the task of young art graduates in September.
“Macau is beginning to change,” she tells The Collector. “We don’t want to rely just for the gaming industry. We want more families in the future for holidays, you want to boost our cultural and creative industries.”
This can be a politically correct view for the daughter of your casino magnate. Macau is within the cross hairs of Beijing’s war on corruption and capital outflow. The central government started urging the location to stop its being hooked on the gaming sector, the required taxes from which pay for most public expenditures, back throughout the boom years, if the “build it and they will come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers along with a slowing economy have risen pressure to get new revenues.
Fundamental change may be slow in the future. Five casinos have opened since 2012 and much more are on just how, 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 Stanley ho daughter‘s half-sister Pansy Ho Chiu-king.
So might be Sabrina’s cultural endeavours all just a bit of sentimental pr for the clan?
Well, China’s biggest ah is treating her seriously, and hopes her youthful energy and family connections may help it enter a brand new and wealthy market where no international house carries a presence. In turn, Ho says, sherrrd like the auctions to help attract tourists and perhaps encourage the city’s 600,000 residents to build up much more of an interest in culture. Their bond, called Poly Auction Macau, is 51 percent owned by Poly and also the rest by Ho’s company, Chiu Yeng Culture.
Ho grew up flanked by art and other collectables owned by her parents but she’s fairly new towards the auctions business. After graduating having an arts degree from your University of Hong Kong, in 2013, she worked on the branding and marketing side from the family’s hotel and property businesses. “But I love art and i also asked Poly only perform in their free time in their Hong Kong office, to learn about the auction world,” she says.
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