Lawrence Ho

In September 1999[12] Ho began working in investment banking,[3] first at Jardine Fleming's[5] Asia Derivatives Group[13] and then at Citibank.[5] Becoming a shareholder in iAsia Technology in 2000,[13] that October[12] he began managing iAsia's daily operations and was named president and vice-chairman.[13]

After purchasing a 26 percent majority stake,[13] in November 2001 Ho was appointed the group managing director of Melco International Development Limited.[6] Placed in charge of Melco's daily operations,[5] Ho began refocusing the company on leisure and entertainment.[4] He renovated Melco's Jumbo restaurant brand and further expanded Melco into finances and technology, associating the firm with companies such as VC Brokerage and i-Asia.[5]

The Macau territory of China began issuing new casino licenses in 2002, breaking Stanley Ho's monopoly on casinos in the region and presenting Melco with the opportunity to invest in Chinese gambling. Ho approached his father with a proposition to partner on new gambling projects,[14] and Melco purchased a one-half stake in a planned casino resort from Stanley Ho for $13 million, agreeing to "participate in the development of the hotel and subsequently manage the electronic gaming machine lounge."[15] Melco's Mocha Clubs, opened in 2003,[5] helped introduce "cafe-style slot-machine parlors" to Macau, which were uncommon at the time.[3]

In 2004[16] Ho and Melco International partnered with James Packer's Australian casino company Crown Limited, creating the joint venture Melco Crown Entertainment.[4] Ho was appointed CEO and executive director of Melco Crown Entertainment in December 2004,[16] with both Ho and Packer appointed co-chairmen.[17] In March 2006, Melco Crown spent US$900 million purchasing the last of Macau's six gaming licenses from Wynn Resorts. The license allowed Melco Crown to "operate an unlimited number of casinos, tables and machines in Macau until June 2022,"[5] and the company began developing its first casino.[4]

Under Ho, by 2006 Melco International had become profitable.[5] He was appointed Melco International's chairman and CEO on 15 March 2006,[6] and Melco Crown listed on the NASDAQ in December 2006.[3][4] In July 2007, Melco Crown launched Altira Macau,[3] which was built for $1.45 billion.[5] In 2009, Melco Crown opened the $2.4 billion casino resort City of Dreams Macau in Cotai.[3] Melco Crown listed its shares in Hong Kong at the end of 2011.[18]

Ho and Packer began partnering with SM Investments in 2012 on the $1 billion casino resort City of Dreams Manila,[19] which opened in 2015 in the Philippines.[20] In the summer of 2012, the government of the Primorye Integrated Entertainment Zone in Vladivostok, Russia invited Ho to bid on a new casino project.[21] Tigre de Cristal opened in October 2015.[3] With 60% ownership,[7] in October 2015 Melco opened the casino resort Studio City Macau, which was designed with a Hollywood theme and cost $3.2 billion.[3] In 2015 Ho served as the executive producer for the Martin Scorsese short film The Audition,[22] which was filmed to promote the casino's opening.[3]

At the start of 2016, Ho continued to control Melco International Development as CEO and chairman. Melco in turn controlled subsidiaries such as Entertainment Gaming Asia, which operated slot machines in Philippines and Cambodia.[3] In May 2016, Melco International became majority shareholder of its subsidiary Melco Resorts & Entertainment.[8]

After a year-long bidding process,[23] in 2017[24] the Cyprus government awarded Melco the first and only casino license in the country, which granted exclusivity for 15 years.[25] Melco International subsequently bought a controlling stake in[19] the City of Dreams Mediterranean Casino.[24]

After developing four integrated resorts together,[1] in May 2017, Ho ended Melco's partnership with James Packer's Crown Resorts.[7] With Crown's stake in the joint venture sold back to Melco International for $1.16 billion,[26] Melco Crown became Melco Resorts & Entertainment. Ho assumed direct operational control of Melco Resorts & Entertainment, overseeing three resorts in Macau, eight Mocha Clubs, the resort in the Philippines, and the development in Cyprus.[7]

After Japanese lawmakers pushed for legalized gambling in integrated resorts in 2016,[19] by 2017 Ho was actively competing[26] for one of an expected three licenses.[24] According to Ho, Melco's pitch emphasized "entertainment and modernity".[19] In June 2018, Melco Resorts & Entertainment opened Morpheus, a $1.1 billion hotel tower designed by Zaha Hadid at the City of Dreams Macau resort.[24] In early 2019, Forbes estimated Ho's net worth at $2.2 billion, and ranked him as the #1008th richest person on the planet. He was also listed among the 50 richest people in Hong Kong.[1]