Lawrence Ho’s Melco International Development has emerged as the clear favorite to win the lone Cyprus casino license after Cambodia’s NagaCorp dropped out of the race.

In a statement to the Hong Kong Stock Exchange on Wednesday, NagaCorp said that “after careful review and given all the latest information available to us,” the company’s board had determined that it “will not be participating” in the request for proposals (RFP) issued by the Greek-controlled southern half of Cyprus.

The statement stands in direct contrast to reports just last week that NagaCorp was staying in the license derby. Those reports followed confirmation that Philippines-based casino operator Bloomberry Resorts was dropping out of the three-way race.

In February, the Republic of Cyprus announced that NagaCorp, Bloomberry and the tandem of Melco and Florida’s Hard Rock International had made the casino license shortlist. In June, the government extended the deadline for the trio to submit their final project proposals, reportedly because NagaCorp and Bloomberry were having trouble finalizing partnerships with landholders.