New York-based developer KG Urban Enterprises has abruptly backed out of the competition for Massachusetts’ fourth casino license due to inability to secure financing for the projected $650 million project.

KG Urban Enterprises partner Barry Gosin told Massachusetts Gaming Commission (MGC), in a letter, that it was officially withdrawing from the casino project in Bedford due to failing to convince investors to finance the $650 million project.

“Given the uncertainty of obtaining viable financing for the project and the time constraints of the license application process, we cannot justify investing any additional funds in the project beyond the significant amount already invested,” Gosin wrote.

KG Urban had long eyed the city as the site of a waterfront casino and agreed to pay $12m annually to city coffers. Last month, New Bedford voters overwhelmingly said yes, we’d like a casino, with more than 70% voting in favor.