Wynn Drops Out of Aqueduct Bidding

(Updated with stock prices.)

NEW YORK (TheStreet) -- Wynn Resorts(WYNN Quote) dropped its bid to turn run-down Aqueduct racetrack in New York City into a casino, after the governor upped the ante.

Last week, Gov. David Patterson announced that bidders must now pay a $200 million minimum upfront licensing fee and have until Friday to provide documentation that they have the funds on hand.

Wynn was one of the six bidders looking to pick up the racetrack. According to the New York Times, Wynn became frustrated with the lengthy ordeal and extensive review process.

Bidders expected a decision to be made by Labor Day, but are still waiting. MGM Mirage(MGM Quote) and Penn National Gaming(PENN Quote) are among the other bidders. Penn National already pledged a $250 million upfront payment, according to several reports.

Shares of Wynn are jumping 4.5% to $57.75 in afternoon trading, while Penn is falling 1.3% to $27.81 and MGM is increasing 2% to $9.50.

-- Reported by Jeanine Poggi in New York

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