Harrah's couldn't get the money it needed to build the nearly half a billion dollar casino off the Mulvane exit so on Monday afternoon it announces it's bailing out of the deal.

The rumors that just this would happen have been swirling for weeks so the news doesn't come as much surprise to Mulvane City Manager Kent Hixson.

"It's disappointing but not devastating," said Hixson.

Economic conditions and what Harrahs calls the "unprecedented disruption in world financial markets" have caused casino giants across the country to fall on tough times. Harrahs had already slowed development of other projects and took several cost-cutting measures.

As for what to do now with this land though doesn't have Mulvane city leaders worried.

"There will be other casino developers interested in Exit 33 and we're going to package the information in a brochure and we're going to reach out to them," said Hixson.

This all comes after the state spent months reviewing casino proposals for Sumner County. Now it'll be back to square one.

"We are certainly disappointed and wish it weren't the case. We wish the gaming economy were better and we could move forward with this project right now but we will be starting all over again," said Kansas Lottery Communications Director Sally Lunsford.

Since the state will now reopen the casino bidding process that means Wellington, the city that fought hard and lost it's two casino bids the first time around, now has another chance to play the game. But folks there aren't getting overly excited just yet.

"You know it's been an up and down roller coaster since this whole thing started so I've kind of kept my emotions in check. I don't let anything let me get optimistic anymore. Until I actually see them digging dirt on a casino I'm not going to get my hopes up," said Wellington City Council Member BJ Tracy.