Turfway Park will cut some stakes races and reduce the purse in the Kentucky Cup Classic during its fall meet, which begins Sept. 9.
The Kentucky Cup Juvenile and Kentucky Cup Juvenile Fillies races, which offered $100,000 purses, have been dropped from the Kentucky Cup Day of Champions set for Sept. 26.
The purse for the Kentucky Cup Classic has been decreased from $350,000 to $200,000.
The Weekend Delight Stakes and Marfa Stakes, which carried $75,000 purses, also have not been scheduled for this meet, the track's 50th.
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Turfway president Bob Elliston said that allowing slot machines at Kentucky racetracks would have helped prevent the cuts. A measure that would have permitted such an addition failed during a special legislative session in June.
"It is difficult to set aside decades of tradition, but the cuts were inevitable given our inability to match the purses offered by surrounding states that support their racing industries with gaming revenue," he said in a press release.
Elliston said the changes allow the track to keep its graded races, while redirecting funds from the canceled stakes races to daily purses.
The Florence track will pay out 20 percent less in total purses this fall than it did last fall, Elliston said.
"This is one more strong and disconcerting signal that Kentucky's signature industry is in very real trouble," said Jay Blanton, spokesman for Gov. Steve Beshear. "Kentucky's horse industry is increasingly in dire straits."
Ron Geary, owner of Ellis Park, has said that track, in Henderson, will close after its summer meet ends Sept. 7.
After the 2010 racing season, Turfway's future is uncertain.
"There could be concern about the facility closing," Elliston said Monday.
"Almost certainly, we'll see a reduction in days for the 2010 calendar," he said.
Although Ohio recently approved slots at its tracks, Elliston said the greatest pressure on the Northern Kentucky track continues to come from Indiana, Pennsylvania and West Virginia.