Australian casino tycoon James Packer has gathered more than $101 million (AUD) from selling a million subordinated notes in Crown Resorts Limited to the company last week, according to an Australian Stock Exchange filing by his holding company Consolidated Press Holdings.

Packer’s personal investment company Consolidated Press Holdings owns a major stake in Crown Resorts and they’ve sold the subordinated notes at a price of $101.58 per note, or around 1.5% higher than their face value of the time of issuing, in 2012, giving an estimated total interest on the sale of $1.5 million. On top of these numbers, Packer also reportedly received a total of $489 million from a separate injection of a $0.3 dividend and special payment of $0.8 earned from the sale of Crown Resort’s shares in Melco Crown Entertainment Ltd.

The notes purchase is part of Crown’s plan to reduce company debt, boost returns to its stakeholders, and increase share prices by overhauling its capital structure to focus more on local operations rather than a global expansion. In line with this plan, the company has unloaded most of its shares in Melco Crown through several sales and abandoned plans for what was to be their first US casino in Las Vegas.

The company, according to official plans, is also launching a buyback program what would see $500 million of its common shares purchased and has plans to buy back as many of the outstanding $422 million subordinated notes as they can. At the same time, they are working on opening a $2 billion VIP-only resort called the Crown Sydney in Barangaroo, which is most likely to launch by 2020.

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