As the son of Macau casino mogul Stanley Ho Hung-sun, the younger Mr Ho says he appreciates the lucky hand that fate dealt him.

'When my father started to build up his business 40 years ago, he had no money in his pocket. I have a good foundation that he has provided,' he said.

He rejected a comfortable management slot in his father's casino empire, saying that would have been little more than an exercise in counting money.

Instead, the Canadian-educated former banker has taken on the task of turning around two loss-making companies - Growth Enterprise Market-listed iAsia Technology, which provides services for brokerages, and mainboard-listed Melco International Development, which among other things runs the iconic but jaded Jumbo restaurant in Aberdeen.

'After more than 40 years of hard work by my father, the casino business is very successful. If I were there, I could only help to collect money. It will be more of a challenge if I can turn around these loss-making businesses.'

If, as many speculate, he is in line to take over the reins of the family empire, the turn-around effort has great significance.

Stanley Ho's privately owned Sociedade de Turismo e Diversoes de Macau (STDM) has had a monopoly on Macau's casino business for 40 years but earlier this year saw its exclusive franchise expire and faces the arrival of Las Vagas giants Wynn Resorts and Galaxy Casino.

'Many believe the newcomers are chasing the same pie as my father. But I think the pie will become bigger when the newcomers come in. They will make Macau a bigger, more luxurious and more grand capital of casino and entertainment,' he says.

As a member of one of Hong Kong's most high-profile families, the younger Mr Ho is more used to gracing the newspaper social pages than business sections.

Two years ago his wedding to Sharen Lo - a member of the family that owns the Vitasoy soft-drinks firm - was hailed by the press as 'the wedding of the century'. It lasted two nights and included a fireworks extravaganza.

The emergence of Lawrence Ho as a business player in his own right means the Hong Kong press is on high-alert for any sign of a power struggle with elder sister Pansy Ho Chiu-king for control of the casino empire.

Pansy was appointed an STDM director in April, replacing Stanley Ho's younger sister Winnie Ho Yuen-ki, seemingly putting the daughter in pole position to take the reins of the business.

Family-feuding is staple fare of Hong Kong's tightly held corporate scene and Winnie Ho, 80, left the STDM board following a falling out with her sibling over their shareholdings.

Asked if history could repeat itself, Lawrence Ho gives a hearty laugh that shows the question is far from unexpected.

'Hong Kong people would enjoy something like that - sibling rivalry, war in the family,' he said. 'But it won't be the case in our family. My sister has always supported me and we are very close. There definitely won't be any rivalry between us.'

He is close to his father. 'My father is my mentor and a great man who I look up to.'

The elder Mr Ho endorsed his son's decision to try to build his own companies; but Stanley Ho is a substantial shareholder in both.

Despite his image as a flashy socialite, Lawrence Ho's office in Central has plain office furniture and simple decorations.

Claiming a spartan lifestyle, he says he works more than 12 hours a day and usually skips lunch, eating a HK$20 rice box at his desk.

'Hard work and determination are the keys to having a successful business. This is also what my father taught me,' he said.

Lawrence Ho became an iAsia shareholder two years ago. The company, listed on the GEM in April last year, was founded by a group of information technology experts to provide technology solutions for brokers and other financial institutions. Mr Ho senior is the largest shareholder and director of the firm while his son manages daily operations.

Two years ago, Lawrence Ho launched a general offer to take over Melco - a listed firm partly held by the Ho family. The company, established 92 years ago, operates the Aberdeen floating restaurants Tai Pak and Jumbo.

That left him with a 26 per cent stake in the firm while his father holds 6.89 per cent and the Ho family-owned Shun Tak Shipping 17.93 per cent.

The firms have made a series of acquisitions designed to turn Melco into a flagship conglomerate with three major business lines: tourism, technology and investment banking, and utilities.

They include iAsia's proposed takeover in September of Cheung Kong's broking and investment banking arm CEF for HK$126 million and the purchase by Melco, also in September, of Tongda Energy, a mainland natural gas supplier, for 160 million yuan (about HK$149.93 million).

Despite bleeding red ink, Lawrence Ho says his firms remain cash cows that simply need to cut costs - a process that has already started - to become profitable.

He said he conducted a poll to find out when people last went to the once glamorous Aberdeen restaurants: 'Most people give me answers that are frightening - some say they haven't been there for 20 years.'

He insists the food has improved. 'I ate in the restaurant frequently to taste the food quality. But it was of little use, because the food was bound be good when I was there. So I had to ask others to test it for me,' he said.

Many restaurant chains have closed down this year because of the economic downturn but Lawrence Ho believes there is a future for Tai Pak and Jumbo.

'Jumbo is more than a food and beverage business. It is a Hong Kong landmark.'

These are gloomy economic times but Lawrence Ho has a positive message for other young entrepreneurs, saying now is a good time to set up in business.

'The global economic downturn has made it a perfect environment because you can buy things and hire people at a lower cost than when the market is booming,' he said.

'Deals like the acquisition of CEF would never have come up if the market had been booming. One should not be deterred by one's age. Being young does not mean you cannot have your own business. When opportunities arise, you should grab them.'

Biography

Lawrence Ho Yau-lung

25, is president and vice-chairman of iAsia Technology and managing director of Melco International Development. Before joining iAsia in October 2000, he worked for the Asia Derivatives Group at Jardine Fleming. He graduated from the University of Toronto with a Bachelor of Arts degree, majoring in Commerce. Mr Ho is married.