Financial crisis and competition from neighboring states were the main reasons specified by Churchill Downs Inc. President Bob Evans during a press conference attended by almost all of the racetrack operators in the state of Kentucky on Wednesday, thereby confirming the decline of racing horses.

Evans said during the start of the conference that the problem is very much obvious as all people arrive at the conference “without any horses” at a “beautiful Wednesday.”

The Kentucky Horse Racing Commission granted the cutting of seven horse racing dates to Churchill Downs and lesser competing players forced the operators to conduct races to only four per week.

Neighboring states such as Indiana are now becoming a threat to the horse racing industry as slot machines bloom in those areas where it promises bigger payouts to the clients. This prompted the operators in the state to propose to have expanded gambling in the state.

The attendance of the operators signifies the support for expanding gambling in Kentucky. However, the proposal faces a staunch opponent in the person of Senate President David Williams. There are still no indications if the horse racing industry will remain lucrative with the presence of slot machines in racetracks.