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Steve Wynn's announcement came just one day before the deadline for bids to operate electronic slot machines at the location.

Wynn's company didn't say why it dropped out, but published reports say the gambling mogul was frustrated by the delays.

Governor David Paterson and legislative leaders were expected to name the winning bid several weeks ago.

Wynn's withdrawal leaves five bidders vying for the chance to run the city's first combination race track and casino.

The state is expecting to collect nearly $400 million in yearly taxes on grossing gambling revenue once the complex is fully operational.