Australian casino operator Crown Resorts has reduced its stake in its Asian-facing casino joint venture Melco Crown Entertainment (MCE), leaving Melco International Development boss Lawrence Ho as MCE’s single largest shareholder.

On Wednesday, MCE announced it had agreed to repurchase 155m ordinary shares from Crown for a total consideration of just under $801m. The transaction reduces Crown’s share of MCE from 34.3% to 27.4%, while Melco International’s stake will rise from 34.3% to 37.9% and the publicly held share will increase to 34.7%.

Crown boss James Packer will resign as MCE co-chairman and take a deputy chairman position on MCE’s board of directors, while Crown exec VP Todd Nisbet will resign his MCE directorship. Ho will serve as MCE’s sole chairman, while the reconstituted board will consist of three Melco International nominees, two Crown nominees and four independent directors.

Crown chairman Rob Rankin said the transaction formed part of his company’s “ongoing capital management strategy.” Crown has a number of high-profile casino development projects in the pipeline, including the Alon Las Vegas project, for which Crown was reportedly having trouble raising the necessary funds. Crown was also recently hit with an unexpected $362m back tax bill, which the company is contesting.