which just won the bid to develop the project in September,

"There has been an unprecedented crisis and disruption in the global financial and economic markets," said ISC president Lesa France Kennedy in a statement. "We are prepared to immediately move forward with the development of a $400 million, Hard Rock- branded casino as presented to the Review Board, which will include a state- of-the-art casino and multiple dining and entertainment venues. However, in the current financing environment we require the flexibility, if needed, to phase in the hotel, convention facilities, and additional entertainment components. As this was technically not permitted within our existing agreement, and this agreement could not be modified, we were forced reluctantly to withdraw our application. Upon the State re-opening bidding, we absolutely plan to re-apply with our phased development plan, as well as seek the realignment of a second NASCAR Sprint Cup date and building a road course at Kansas Speedway as part of the re-submitted application."

The venture had beat out two other proposals, a $500 million bid by Las Vegas-based Golden Gaming Inc. and a 275-acre project by Legends Sun. Now, because the Cordish-ISC venture dropped its plan right before the state was to approve the plan, it has applied and will likely receive back a $25 million deposit, according to a Lottery statement.

"Hard Rock's withdrawal is another unfortunate result of the worldwide crisis that has plagued the financial markets and hit the gaming industry especially hard," said Lottery executive director Ed Van Petten in the statement. "We will reopen the application process in the Northeast zone and invite applicants to apply with proposals they feel fit the current economic climate. We are confident that we can and will find a manager to develop a destination casino in Wyandotte County."