As pressure grows on Macau to find new sources of revenue, scion of casino dynasty imagines some other future for your other SAR
Sabrina Ho Chiu-yeng has been doing what she will to help Macau diversify. The 26-year-old daughter of Stanley Ho Hung-sun might be also known for gracing society and entertainment pages, but also in January she organised the 1st 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 beginning to change,” she tells The Collector. “We don’t wish to rely just around the gaming industry. We want more families to come for holidays, you want to boost our cultural and inventive industries.”
It is a politically correct view for your daughter of your casino magnate. Macau influences cross hairs of Beijing’s fight against corruption and capital outflow. The central government started urging the location to stop its being hooked on the gaming sector, the required taxes that pay for most public expenditures, back during the boom years, if the “build it and they’re going to come” mentality ruled the casino industry. Today, mainland policies to discourage high rollers joined with a slowing economy have raised the pressure to find new revenues.
Fundamental change may be slow to come. Five casinos have opened since 2012 plus much more are stored 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 Sabrina ho‘s half-sister Pansy Ho Chiu-king.
So are Sabrina’s cultural endeavours all just a bit of sentimental pr for your clan?
Well, China’s biggest auction house is treating her seriously, and hopes her youthful energy and family connections can help it enter a whole new and wealthy market where no international house carries a presence. In turn, Ho says, she wants the auctions to help attract tourists and maybe let the city’s 600,000 residents to develop much more of an interest in culture. The partnership, called Poly Auction Macau, is 51 per-cent owned by Poly along with the rest by Ho’s company, Chiu Yeng Culture.
Ho was raised encompassed by art and also other collectables owned by her parents but jane is new to angling on the auctions business. After graduating by having an arts degree in the University of Hong Kong, in 2013, she done the branding and marketing side from the family’s hotel and property businesses. “But I prefer art and i also asked Poly if I can perform in your free time within their Hong Kong office, to understand the auction world,” she says.
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