James Packer’s Crown Resorts is punting on the proceeds from selling its remaining stake in Melco Resorts and Entertainment to help reduce the company’s debt.

If you’re just joining us, the Australian casino operator announced early this week that it had decided to end its decade-long international joint venture operations in Macau. As part of the exit process, Melco launched a public offering of nearly 28 million American depository shares—or about 165 million ordinary shares in Melco—following the Macau casino operator’s repurchase of Crown’s remaining stake in the joint venture, which operates casinos in Chinese territory as well as in the Philippines.

Crown Resorts expects to pocket close to US$1 billion from the sale, the casino company said in a filing to the Australian Securities Exchange.

“Crown Resorts is expected to generate net proceeds of approximately US$987 million or AUD1.34 billion (equivalent to US$5.97 per Melco Resorts ordinary share and US$17.91 per Melco Resorts American depository share) which will initially be used to reduce Crown Resorts’ net debt,” Crown Resorts said.