Same here. On another discussion with the same word, I asked someone with more Italian experience about it. They said they did not hear it on that recording, and that what they heard was the correct pronunciation. It made me doubt my hearing, and I swear I heard it pronounced like "chi" on tiny cards, too! I'm hoping my ear will improve with practice. :-)
I basically can't hear the word "ho" in this, but I don't know if that is how the language work (ho is usually silent?) or a mistake with their audio.
To clarify: at the time that I wrote this I had not been taught that "H" is always silent in Italian, so I thought that it was simply missing from the audio.
Michael, there is a subtle distinction that might help. The O of io, being unaccented, would be a "closed" O, while the O of ho would be an "open" O. The sound difference can help distinguish "lo" from "l'ho", in addition to context. That is how it was taught to me - there may be regional differences of course.