The plan to build a $650 million casino on New Bedford's waterfront has been scrapped by the developer.

According to the Boston Globe, KG Urban Enterprises sent a letter to the Massachusetts Gaming Commission Wednesday, withdrawing their bid for a license to build a casino in Southeastern Massachusetts. The letter cited a lack of financing which led to the proposal's demise.

KG Urban had recently cleared major hurdles during their license application process, including winning a June 23 referendum in the city, with voters supporting the Host Community Agreement by a 73 percent to 27 percent margin.

The announcement leaves only one other proposal for Region C, a $650 million casino on the Brockton Fairgrounds off Route 123 in Brockton.

It is unclear at this time how the Massachusetts Gaming Commission will proceed in awarding the final casino license in the state.