Having heard about the next mega-successful businessman, we usually try to find out who his parents are. If we talk about the offspring of a prominent politician or a millionaire, we nod meaningfully and sigh heavily. Well, anyone can succeed with such support and start-up capital.
The secret of Lawrence Ho Yau Lung's prosperity seems to be noticeable. The future billionaire was born in the family of the "gambling king" in Macau and Hong Kong, Stanley Ho Hung Sun.
His legendary father created a huge monopoly. The son only had to master his dad's experience and take possession of the family business from his ninety-year-old father.
But is the life of the owner and CEO of Melco Crown Entertainment so simple and unshadowed?
Childhood and Education
Lawrence was born in 1976 in Hong Kong. He is the eldest son of Stanley Ho and his second wife, Lucina Laam King Ying. The total number of Ho's children from four women reaches seventeen.
In his childhood, Lawrence moved to Canada, where, in 1999, he graduated from the University of Toronto, obtaining a bachelor's degree in commerce.
In 2009, Ho obtained his Ph.D. degree in business administration from Edinburgh Napier University (Scotland).
Successful Beginning of the Career
In his young years, Lawrence spent time in Toronto, where he worked as an investment banker after graduation.
In 2001, Ho acquired a loss-making company called Melco International Development Limited. He gave it a new name. Since then, Melco Crown Entertainment has focused on gambling and entertainment-related activities.
Ho's partner was the Australian billionaire James Packer, who owns the gambling license in Macao. They began by acquiring the Taipa Macau Hotel Casino and turning it into a five-star Altira Macau complex.
In 2009, Melco opened City of Dreams Macau, which became one of the most popular casinos in the region.
In February 2015, Lawrence Ho's and James Packer's company launched the City of Dreams Manila complex in the Philippines, expanding its scope of activity to other countries.
On October 27, 2015, the official opening of the Studio City resort complex took place in Cotai, Macau. Its construction cost three billion and two hundred million dollars.
In 2016, Packer sold Ho his share in Melco for $1.16 billion. According to Lawrence, they did not stop being good friends:
James Packer and I are still good friends, even though our views on China and the world were different at that time. I wanted to double our assets, and he wanted to focus on his Australian domestic assets. - The Financial Times
According to Lawrence, the company will continue to develop in different countries. When his father retired due to his age, Ho Jr. took control of the corporation and steadily increased its fortune.
Ho's Activities in Russia
When gambling zones were established in the Russian Federation, Dr. Lawrence Ho was among the first foreign investors to develop the gambling industry in Russia. Based on the territorial proximity to China, he chose Primorye.
In 2014, Melco began building a new complex. As early as November 2015, the company opened Tigre de Cristal Casino, which is extremely popular among gamblers from the Russian Federation and the People's Republic of China.
Experts believe that the geographical location of the gambling zone in Primorye was not the only factor that attracted the famous billionaire. He probably tampered with relatively low tax rates.
Initially, Lawrence Ho had 65% of shares in First Gambling Company of the East LLC, which received a license to organize casino activities and other types of gambling in the Russian Federation. Later, Melco acquired 14% of shares from Oleg Drozdov, who had problems with the law, for more than twenty million dollars.
Lawrence Ho's Business in Recent Years
In 2017, the Cyprus government granted Melco the exclusive casino license in the country for fifteen years. Melco International then acquired a controlling interest in the City of Dreams Mediterranean Casino.
As stated above, Lawrence Ho terminated Melco's partnership with James Packer's Crown Resorts. Crown Resorts sold its share in the partnership back to Melco International for $1.16 billion, leading to the transformation of Melco Crown into Melco Resorts & Entertainment. Lawrence took direct operational control of the company, overseeing three resorts in Macau, eight Mocha Clubs, the Philippine resort, and the development project in Cyprus.
In 2016, as Japanese lawmakers advocated for legalizing gambling within integrated resorts, Lawrence Ho actively competed for one of the expected three licenses.
In June 2018, Melco Resorts & Entertainment launched Morpheus, a $1.1 billion hotel tower designed by Zaha Hadid at the City of Dreams Macau resort.
Lawrence Ho's Life Beyond Gambling
Like any modern businessman, Dr. Lawrence Ho is not limited to his company's activities. The circle of his interests is much broader than the gambling industry.
He actively participates in the Chinese People's Political Consultative Conference and often speaks at conferences in central Mainland China, Macau, and Hong Kong. Who knows, maybe he will have a successful political career.
Lawrence Ho was repeatedly recognized as the best leader, businessman, and one of the most influential people in the Pacific region.
Lawrence Ho's Personal Life
Ho avoids questions about his personal life. It has been known that Lawrence is married to Sharen Lo Shau Yan, Kwee Seong Lo's granddaughter, the founder of the Vitasoy trademark.
Ho's daughter was born in September 2006.
Interesting Facts about Lawrence Ho.
The following information and statements of the protagonist of our article will supplement his description.
- In the Asian gambling industry, his nicknames are Game Changer and Energizer Bunny.
- In early 2019, Forbes estimated Lawrence Ho's net worth at $2.2 billion, ranking him the 1008th wealthiest individual globally.
- He was also recognized as one of the 50 richest people in Hong Kong.
- Ho produced Martin Scorsese's movie The Audition, starring Leonardo DiCaprio, Robert De Niro, and Brad Pitt. The movie was filmed in the Studio-City Casino.
Lawrence Ho's Quotes
And now, we want to show our readers some of Ho's quotes:
About the date of the casino opening:
Although we are not guided by Feng Shui, we still believe in it, so the date is favorable.
About Prospects of Macau without Gambling:
We have always imagined innovative, complex resorts with stunning non-gambling entertainment. Still, at the same time, I do not want people to think: "These guys believe that it is possible to earn a lot of money without gambling." This is not true. The truth is that without gambling, you can earn money now and in the future.
About Teen Idols:
I'm a child of the 1980s, so my idols were Stallone's Rocky and Rambo.
What Do You Think of Him?
To be sure, Ho Jr. belongs to the "golden youth," but he can hardly be called a silver spooner. He had excellent conditions at the beginning of his career, but not all can use them to succeed.
Lawrence acquired a loss-making company and, in a few years, turned it into one of the world leaders in the gambling industry, becoming a billionaire and an incredibly powerful businessman. He does not rest on his laurels and continues to develop the family business.
Information about Lawrence Ho's activities is often published on Casinoz in the News section, which is another proof of his extraordinary work ethic and restlessness.
Do not hesitate to share your opinions about Lawrence Ho.