December 15, 2016 / 10:02 PM / a year ago

Australia's Crown Resorts to boost returns to shareholders after Macau sale

SYDNEY, Dec 16 (Reuters) - Australian casino group Crown Resorts on Friday said it would increase the size of a share buyback and distribution to investors by A$300 million ($220 million) after selling an additional stake in Macau-focused Melco Crown Entertainment.

Crown said it had reduced its stake in Melco Crown to 11.2 percent, with 5.5 percent held through a cash-settled equity swap. Combined with the planned sale of 13.4 percent of Melco Crown announced on Thursday, Crown said it would receive proceeds of A$1.9 billion from the share sales. ($1 = 1.3594 Australian dollars) (Reporting by Jamie Freed; Editing by Alison Williams)

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