Melco Crown Entertainment Limited announced that it entered into a share repurchase agreement with Crown Asia Investments Pty. Ltd., pursuant to which it will repurchase 155,000,000 ordinary shares (equivalent to 51,666,666 American depositary shares) from CAI. It is expected that following completion of the transaction, Mr. James Packer will resign from his position as Co-Chairman and will take up the position of Deputy Chairman of the company's board of directors. Mr. Todd Nisbet will also resign as a director of the company.