May 4 (Reuters) - Crown Resorts Ltd CWN.AX :
* Crown reduces shareholding in Melco Crown Entertainment CWN.AX
* Says unit entered into an agreement with Melco Crown Entertainment Limited
* Says the repurchase will be undertaken at US$5.1667 per mce share
* Agreement for the repurchase of 155 million ordinary mce shares held by crown
* Repurchase will generate proceeds of approximately US$800 million
* Says proceeds will be initially used to reduce crown's net debt position
* Source text for Eikon ID:nASXzZSrf