Display Format Slideshow disappears

When I try to create a new view, Slideshow doesn't show up in display format drop-down. I clear the cache and then the slideshow appears in the drop-down. If I then select "Slideshow" an ajaxy kind of loading icon shows for a couple of seconds, and then the Slideshow value disappears in the drop-down (replaced with the first value in the list display formats).

Or to make it short, Views slideshow doesn't work.