Wynn retracts Aqueduct bid

Wynn Resorts Ltd. has pulled out of the bidding process to operate a potentially lucrative casino at the historic Aqueduct Racetrack in New York City.

The surprise move Wednesday left five bidders competing for the right to operate 4,500 slot machine-like video lottery terminals at Aqueduct.

The process, which began earlier this year, is expected to be completed in the next few weeks. New York Gov. David Paterson and legislative leaders are expected to select the winning bidder.

Five groups and partnerships, each with a casino operation component, are bidding for the Aqueduct license. Wynn was the only solo bidder and reportedly had the most expensive project. However, Wynn Resorts Chairman Steve Wynn publicly said the casino wouldn't open until 2011.

New York leaders have said they want the casino to open by next year. Last week, Paterson sent a letter to the bidders asking each to provide proof it can pay the state $200 million upfront within 30 days of being selected.

In a statement released by a New York public relations firm, Wynn Resorts said it was confident the state would "find a qualified operator to meet its needs at Aqueduct."