Assuming this is cherry laurel (Prunus laurocerasus), the cause of shot-holing is likely to be powdery mildew caused by the fungal pathogen Podosphaera (syn. Sphaerotheca) pannosa. There is also another fungal pathogen called Stigmina carpophila that causes this symptom, but its effects are usually very minor.
It is unusual for powdery mildew to cause this kind of symptom, but it happens quite commonly on laurel. What seems to happen is that patches of fungus develop on young, expanding leaves. As they mature, the affected patches fail to expand and eventually drop out, leaving a hole. It also makes the leaf edges very ragged.
There is a bacterial pathogen, Pseudomonas syringae pv. mors-prunorum, that causes shot hole and also the much more serious problem of stem canker on Prunus fruit trees, but I never heard of it causing a problem on laurel.
As others have pointed out, these infections are not a serious problem for such a vigorous plant as laurel. Normally no treatment would be warranted, but if it persists as an unsightly problem, you could treat with a fungicide such as Scotts Fungus Clear Ultra.
Powdery mildews are often more serious in water-stressed plants, so mulching may be helpful.
The plant wont die from powdery mildew, so dont worry about replacing it.