With final approval only hours away, Kansas Entertainment LLC, a partnership between International Speedway Corporation and the Cordish Co., withdrew its bid to build and manage a state-owned Hard Rock Hotel and Casino and entertainment complex estimated at $705 million, according to The Kansas City Star.

The withdrawal of the current bid, announced Friday, allows the partnership to recover a $25-million state application fee, which would have become non-refundable upon final approval of the project.

The partnership will resubmit a bid based on a phased development of the casino and subsequent non-gaming hotel and entertainment facilities.

As with the original proposal, the new bid will seek a second Cup date for the 1.5-mile speedway, which currently hosts one event.

by Reid Spencer/Sporting News