May 4 (Reuters) - Crown Resorts Ltd (CWN) :
- Crown reduces shareholding in Melco Crown Entertainment (CWN)
- Says unit entered into an agreement with Melco Crown Entertainment Limited
- Says the repurchase will be undertaken at US$5.1667 per mce share
- Agreement for the repurchase of 155 million ordinary mce shares held by crown
- Repurchase will generate proceeds of approximately US$800 million
- Says proceeds will be initially used to reduce crown's net debt position
