On the 15th of December 2016, Crown Resorts Limited (ASX: CWN) announced the decision to further sell down its share in Melco Crown Entertainment Limited by 13.4% to 14%. The transaction is expected to generate ~$1.6 billion and funds will be used to reduce net debt by ~$800 million, pay a special distribution of ~$500 million and facilitate of share buy-back of ~$300 million. The group also stated it will not proceed with the Alon project in Las Vegas which will provide further capital flexibility going forward. The group has also decided not to proceed with the proposed demerger of its international and domestic operations. However, the proposed spin-off of a 49% interest in some of its Australian hotels and associated retail property (Crown REIT IPO) is still being considered but is subject to various approvals. The announcement also included a trading update which revealed company revenue across all assets has declined ~12% on the year. The poor result has been primarily a function of decreased VIP program play revenue (down 45%). Click here for the updated research reports for Crown Subordinated Notes I & II (ASX: CWNHA, CWNHB).