The decision of billionaire James Packer to reduce its stake in its Asian-facing casino joint venture Melco Crown Entertainment has reaped rewards as the Australian casino operator Crown Resorts’ full-year net profit jumped by 146.4 percent.

Crown on Wednesday reported chalking up a AU$948.8 million (US$730 million) net profit for the year ended June 30, thanks to the AU$602 million (US$459.55 million) gain from selling down Crown’s stake in its Macau casino business Melco Crown Entertainment (MCE) in May.

From 34.3 percent, Crown’s share of MCE was reduced to 27.4 percent after the transaction. On the other hand, Melco International’s stake rose from 34.3% to 37.9% and the publicly held share increased to 34.7%.

But Crown’s performance was tempered by its share of profits from its stake in the Melco Crown casinos in Macau and one in Manila plunged by AU$103.2 million (US$ 78.78 million), or 64 per cent, to AU$58 million (US$ 44.28 million)