ALBANY — Now there’s only one horse in the race for the multibillion-dollar casino contract at Aqueduct Racetrack.

The state Lottery Division yesterday abruptly tossed two of the three bids it received last week to build and run a video-slots parlor at the faded Queens track, leaving only Malaysian gaming giant Genting in the running.

The cash-strapped state is counting on the winner to pay a $300 million licensing fee.

Lottery officials decided that the two disqualified bidders — Penn National Gaming and the powerful SL Green-Hard Rock partnership — “did not conform with the requirements of the competition.”

The Genting proposal “appears to conform with all requirements of the bid-submission process and will continue to be evaluated,” Lottery Director Gordon Medencia said.

The loss of the two domestic bidders is another setback for a project that has dragged on for nearly a decade.

Gov. Paterson scrapped two previous rounds of bidding after one winner, Delaware North, failed to muster the licensing fee and a second, Aqueduct Entertainment Group, was deemed “unlicensable” amid accusations of bid-rigging.

Genting ranks as Asia’s largest casino operator and last year took control of the Empire Resorts gaming facility in Monticello.