MGM's withdrawal from NY casino project leaves Genting, two other bidders in the race::

Oct 15): MGM Resorts International pulled out of the competition to operate a casino in the New York area, leaving three companies vying for three possible licences 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 licence, 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.