Baltimore, MD -- (Sports Network) - Difficult financial times have forced the Maryland Jockey Club (MJC) and Maryland Thoroughbred Horsemen's Association (MTHA) to slash the stakes schedule for the Laurel Park fall meeting. The racing industry in Maryland faces a shortfall in the purse account by the end of 2008.

Primary among the cancelled stakes is the $300,000 De Francis Dash.

"This is terribly disappointing, but these are serious times," said Tom Chuckas, President and CEO of the MJC. "We remain hopeful that the playing field between Maryland and our neighbors to the west, north and east will be leveled and that we will be able to resume running this prominent race in the future."

The other races cut from the schedule are the Laurel Futurity and Selima Stakes, for two-year-olds, the Safely Kept Stakes, John Schapiro and the Sonny Hine.

Only state-bred or state-sired stakes races, including the 23rd running of the Maryland Million on Saturday, October 4, will be conducted during the 17-week Laurel Park meeting which runs from September 4 to December 27. A 10-day summer meeting at Laurel gets underway this Friday and concludes on Thursday, August 21.

Maryland racing is being squeezed by neighboring states that have slot machine gambling. A slots referendum will be on the November ballot.

In another cost cutting move, Pimlico Race Course will be closed for training and stabling, effective August 31.

"We understand this is an inconvenience to the horsemen and we will work with them to ensure a smooth and fluid transition," said Chuckas. "This was a business decision based on the revenue stream."