Property and gaming consortium, BLB Investors, has dropped its bid for US-based gaming group, Wembley.

In a statement released today, BLB announced that it had lapsed its £308.6m offer for Wembley primarily because it had failed to gain the minimum number of acceptances needed by 3 July.

BLB had been the front-runner in the Wembley bidding race, following MGM Mirage’s departure back in May.

BLB said that another reason behind its decision not to extend its Wembley offer was due to the current “political environment” surrounding Wembley’s Lincoln Park business in the US, which had “become highly uncertain”.

Wembley is currently in the middle of a US court case, with the division and two Wembley executives facing a bribery lawsuit. The group denies all the charges.

Commenting on its decision to lapse the bid, BLB said: “we are clearly disappointed at this outcome. However, BLB remains 22 per cent shareholder in Wembley and is committed to working with Wembley to maximise shareholder value over the long term.”