MGM Withdraws From NY Casino Project, Leaving Three Bidders (3)

MGM Resorts International pulled out of the competition to operate a casino in the New York area, leaving three companies vying for three possible licenses to build gambling palaces 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, according to a statement Tuesday.

“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.

With the last-minute withdrawal, the number of companies still in the running to operate ...