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Sun said the Singapore development would involve too great a diversion of its resources, adding that it was focusing on two "high-potential projects" in the UK.
The group, owner of South Africa's glitzy Sun City resort, said it was looking to expand in other African countries, including Nigeria.
Singapore awarded its first casino licence to Las Vegas Sands Corp last week.
Bids for the second casino, slated for Singapore's resort island of Sentosa, are due in October. Sun's pullout leaves three confirmed bidding groups.
Singapore has said it wants the 49-hectare resort to have family-friendly leisure attractions to lure tourists to the region.
Southeast Asia's largest developer CapitaLand has said it is pushing ahead with a joint bid with Bahamas-based Kerzner International, while resorts builder Mark Advent has said he would bid with his privately owned Eighth Wonder with Starwood Hotels & Resorts and Isle of Capri Casinos Inc.
The third bidding group, Malaysia's Genting group, is seen as the strongest contender because of its exclusive tie-up with theme parks giant Universal Studios.
Genting, which is submitting its bid through its two affiliates Genting International and cruise operator Star Cruises Ltd, was one of the three unsuccessful bidders for the first site on Singapore's downtown Marina Bay.
US gaming group Harrah's Entertainment Inc and Singapore government-linked developer Keppel Land, which also submitted an unsuccessful Marina Bay bid, said they would announce "in due course" whether to proceed with the Sentosa bid.
