Harrah's Entertainment Inc., the world's largest casino company, has withdrawn its application to run a state-owned casino in Sumner County, Kan.
The Associated Press reports the Kansas Lottery was notified Monday of the decision, which sees a joint venture, comprised of Harrah's and a group of Kansas investors, decline an opportunity to operate the $535 million facility.
"Current economic conditions and the unprecedented disruption in world financial markets have made it impossible to proceed with the project as planned," Harrah's said in a prepared statement.
The Wichita Eagle, a Kansas paper, reports the bidding process will begin anew but is expected to delay the final development by at least eight to 10 months.
"While this is a challenging time for the gaming industry as a whole, we believe a gaming facility in Sumner County will eventually become a reality," Ed Van Petten, executive director of the Kansas Lottery, told The Eagle.