As pressure grows on Macau to get new sources of revenue, scion of casino dynasty imagines another future for the other SAR
Sabrina Ho Chiu-yeng has been 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 also 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 exhibition to market the task of young art graduates in September.
“Macau is evolving,” she tells The Collector. “We don’t want to rely just around the gaming industry. We wish more families in the future in charge of holidays, we would like to boost our cultural and artistic industries.”
This is the politically correct view for the daughter of your casino magnate. Macau is within the cross hairs of Beijing’s fight against corruption and capital outflow. The central government started urging town to quit its addiction to the gaming sector, the required taxes where buy most public expenditures, back throughout the boom years, when the “build it and they’ll come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers joined with a slowing economy have raised the pressure to get new revenues.
Fundamental change continues to be slow in the future. Five casinos have opened since 2012 plus more are 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‘s half-sister Pansy Ho Chiu-king.
So are Sabrina’s cultural endeavours all just a bit of sentimental advertising for the clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections may help it break into a brand new and wealthy market where no international house features a presence. In turn, Ho says, she wants 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 the rest by Ho’s company, Chiu Yeng Culture.
Ho spent my youth encompassed by art along with other collectables owned by her parents but jane is a novice for the auctions business. After graduating with an arts degree from the University of Hong Kong, in 2013, she handled the branding and marketing side with the family’s hotel and property businesses. “But I prefer art i asked Poly basically will work in your free time in their Hong Kong office, to learn about the auction world,” she says.
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