James Packer has sold almost half his stake in Crown Resorts for $1.76 billion to a Macau-based entertainment company.

Key points: In a statement, CPH said it made the move in order to diversify the company's investment portfolio

In a statement, CPH said it made the move in order to diversify the company's investment portfolio Mr Packer said he was "still vitally interested in Crown's success as a world-class resort and gaming business"

Mr Packer said he was "still vitally interested in Crown's success as a world-class resort and gaming business" CPH also said the company remained optimistic about future prospects of Crown and its resort facilities

Consolidated Press Holdings, Mr Packer's private investment company, confirmed on Thursday night it had sold 19.99 per cent of its shareholding in Crown Resorts to Melco Resorts and Entertainment.

It was sold for an aggregate purchase price of $1.76 billion, equivalent to $13 per share.

Once the share sale is completed, CPH will own about 26 per cent of Crown, worth about $2.3 billion, and will remain represented on the Crown board.

Mr Packer said Crown was a stronger company with Melco as a strategic shareholder.

"Crown has been a massive part of my life for the last 20 years and that absolutely remains the case today — my continuing Crown shareholding represents my single largest investment," Mr Packer said in a statement.

"I am still vitally interested in Crown's success as a world-class resort and gaming business.

"The sale allows me to continue my long-term involvement with Crown and at the same time to better diversify my investment portfolio."

He said he was "thrilled" Lawrence Ho and Melco had chosen to invest in Crown.

Mr Packer resigned from the board of his family company in March last year, citing mental health issues.

The past few years have seen Crown forced to deal with plunging profits, business expansion woes and the arrest of more than a dozen of its employees in China for the illegal promotion of gambling.

CPH will lodge a Notice of Change in Substantial Holding both with Crown and the Australian Securities Exchange.

ABC/AAP