MGM on Tuesday unexpectedly withdrew its casino license application for Empire City in Yonkers .

“Today, MGM Resorts made the difficult decision to withdraw its application for a commercial casino license in Yonkers, New York,” the company said in a statement. “Since submitting our application in June, the competitive and economic assumptions underpinning our application have shifted, altering our return expectations on the proposed $2.3 billion investment.”

The company said its bid to become a full-fledged casino with table games was contingent on receiving a 30-year license but “based on newly issued guidance from the State of New York,” they now only expect to qualify for a 15-year license.

MGM also cited “the newly defined competitive landscape — with four proposals clustered in

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