As pressure grows on Macau to find new sources of revenue, scion of casino dynasty imagines an alternative future for the other SAR
Sabrina Ho Chiu-yeng is doing what she’ll to help Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun could possibly be higher quality for gracing society and entertainment pages, but in January she organised the 1st Macau sales by China’s state-owned Poly Auction and then in November held her annual hotel art fair, having already launched an exhibit to promote the job of young art graduates in September.
“Macau has been evolving,” she tells The Collector. “We don’t need to rely just on the gaming industry. We would like more families into the future to put holidays, we want to boost our cultural and artistic industries.”
This is the politically correct view for the daughter of the casino magnate. Macau influences cross hairs of Beijing’s war on corruption and capital outflow. The central government started urging the town to relinquish its obsession with the gaming sector, the taxes that spend on most public expenditures, back during the boom years, in the event the “build it and they will come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers coupled with a slowing economy have gone up pressure to succeed to find new revenues.
Fundamental change has been slow into the future. Five casinos have opened since 2012 and more are stored on the best way, including two from branches with 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 can be Sabrina’s cultural endeavours all just a bit of soft publicity for the clan?
Well, China’s biggest ah is treating her seriously, and hopes her youthful energy and family connections will help it plunge into a new and wealthy market where no international house includes a presence. In turn, Ho says, she would like the auctions to help attract tourists and maybe let the city’s 600,000 residents to build up really an interest in culture. The partnership, called Poly Auction Macau, is 51 per cent properties of Poly and also the rest by Ho’s company, Chiu Yeng Culture.
Ho grew up in the middle of art as well as other collectables properties of her parents but she actually is a newcomer on the auctions business. After graduating with an arts degree from the University of Hong Kong, in 2013, she labored on the branding and marketing side with the family’s hotel and property businesses. “But I like art and that i asked Poly if I could work in their free time at their Hong Kong office, to learn about the auction world,” she says.
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