In his childhood, he stayed in Kong Mun of Guangdong, and usually participated in gambling with his pocket money.
)[1] In his adulthood, he was in Macau, working for a casino of gambling tycoon Fu Lo Yung (傅老榕).
He helped to crack down Teng Sik Tong (聽骰黨), a gang of gamblers, who won by listening dice.
In 1988, he pioneered a gambling business in international waters, by purchasing a cargo converted cruise ship named Princess of the Orient, and later selling it off for the 港龍星 which was bigger and solely a cruise ship to begin with.
Yip Hon suffered a heart attack, and died on 7 May 1997, at the age of 93, while poring over a horse-racing newsletter.