Dec 15 (Reuters) - Crown Resorts Ltd (CWN) :
- Has entered into a bilateral agreement with Melco International Development limited for sale of 198 million MCE shares
- Board has also determined not to proceed with proposed demerger of company's international investments
- Proceeds intended to be used to reduce company's net debt by approximately $800 million
- Proceeds also intended to be used fund a special distribution of approximately $500 million and enable a share buy-back of approximately $300 million
- HY total revenue across company's australian resorts declined by approximately 12%
- Update in relation to major initiatives to enhance shareholder value
- Sale to Melco is expected to generate proceeds of approximately $1.6 billion
- Board has resolved not to proceed with Alon project in Las Vegas at this time
- Sale of 198 million MCE shares for US$6.00 per MCE share
- Company continues to prepare for proposed IPO of a 49% interest in some of its Australian hotels and associated retail property
