Australian firm Frontier Capital Group Ltd. has dropped its lottery and possibly casino venture in Mongolia.

Frontier, in a filing to the Australian Securities Exchange on Tuesday, announced that it has terminated an agreement to operate the Mongolian National Lottery (MNL).

Frontier said it had received a notice from the vendor [Monvest Group Pte. Ltd.] saying that a number of conditions will not be satisfied within the period provided in the agreement. The deal would have given Frontier the right to establish the first casino in Mongolia, once the country allows it.

Frontier was acquiring the companies—BizNVIN LLC and Modern Capital Vest LLC, Mongolian subsidiaries of Monvest— which hold a special license to operate the MNL.