New York Casino Bidders Fall to Three With MGM’s Sudden Exit (1)

MGM Resorts International pulled out of the competition to operate a casino in the New York area, leaving just three bids, including one from billionaire hedge fund manager Steve Cohen, vying for three possible licenses to build gambling complexes serving the largest US city.

The Las Vegas-based resort and gambling company blamed shifting economic and competitive conditions, including a shorter-than-expected duration for its license. “The newly defined competitive landscape – with four proposals clustered in a small geographic area – challenges the returns we initially anticipated from this project,” MGM said in a statement Tuesday.

The number of companies ...