Churchill Downs Inc. is pulling out of the online bingo business and will shut down its Luckity online bingo site.
In a filing with the Securities and Exchange Commission, the casino and racing company said it decided this month to cease operations for Luckity.
“Management determined that Luckity did not achieve the expected financial returns and was unlikely to significantly improve its results,” the company said in a filing with the Securities and Exchange Commission.
The company plans to record a $3.2 million charge during the current quarter to account for the shutdown of the Luckity business. A date for the shutdown wasn’t given.
The site was launched in 2012 as a form of advance-deposit account wagering on live racing. With games based on live horse-racing results. Last year, the format was switched to online bingo, but still based on the outcomes of horse races.
The company has said the site was a precursor to the company entering into the online poker business and hoped it would attract new customers.
