Lawrence Ho is giving up on his gaming interests in former Soviet Republic Caucasus, Georgia.

Melco International Development Ltd., in a joint statement with its unit MelcoLot Ltd., has announced Wednesday that its plan for a casino deal agreement in Georgia will not proceed.

The decision came after MelcoLot failed to reach an agreement with Dhabi Group Georgia LLC on the lease terms, which is a requirement to satisfy a subscription agreement involving Express Wealth Enterprise Ltd, Firich Enterprises Co Ltd and Oz Gaming Georgia LLC.

“Although every effort has been made to negotiate with Dhabi on the lease terms, the parties are unable to reach an agreement on terms satisfactory to MelcoLot. As a result, the conditions precedent to Closing under the Subscription Agreement cannot be satisfied and the transactions contemplated by the Joint Announcement, including the Subscription and the Casino Project, will not now proceed,” said Melco in a filing to Hong Kong Stock Exchange.