The New York Racing Association is anticipating a 20 percent decline in revenue from betting on its product this year due to the temporary closing of Belmont Park while it is being renovated, NYRA officials told a state oversight board Thursday. The decline in revenue was contained in NYRA’s budget for 2024, which was discussed at length during a meeting of the New York State Franchise Oversight Board on Thursday morning. NYRA officials told the board that the anticipated decline is due to the relative weakness of the “brand” of Aqueduct, which is hosting the dates that are normally run at Belmont while that track is being torn down and rebuilt over the next two years. David O’Rourke, chief executive officer of NYRA, told the board that the relocation of racing to Aqueduct is presenting NYRA with a “bit of a headwind,” but he said that NYRA anticipates wagering to rebound after Belmont re-opens. “It’s a little bit of a headwind, but it’s something we’ll get through, and there’s a bright light at the end of the tunnel,” O’Rourke said. The Belmont renovation was outlined in depth at the meeting, with NYRA officials providing comments on their philosophy for downsizing the grandstand substantially and exploiting new open space at the property, particularly the infield, which will be open to fans for the first time when the track is rebuilt. The amount of green space at the current property is six acres, while the new Belmont will have 26 acres of green space, O’Rourke said. “The old Belmont was built for betting,” O’Rourke said. “This facility we are building now is built for entertainment.” :: Get the Inside Track with the FREE DRF Morning Line Email Newsletter. Subscribe now.  The board approved NYRA’s plan for the rebuilding as part of its agenda. Last year, the New York State legislature approved a $455 million loan to NYRA to enable the reconstruction of Belmont, to be repaid using funds NYRA receives from casinos in New York. The board on Thursday also approved NYRA’s repayment plan for the project.  As part of the deal, Aqueduct will be deeded to the state once the rebuilding project is complete. NYRA is anticipating that the Belmont property will be ready to host live racing by the 2026 Belmont Stakes. During the construction project, the Belmont Stakes will be held at NYRA’s Saratoga Racecourse in upstate New York.  “We’re excited about it,” O’Rourke told the board, about the Belmont being held at Saratoga. “The response from upstate has been phenomenal. Demand has been off the charts.” During a discussion of NYRA’s capital projects, a board member, James Towne, repeatedly criticized the influence of the Saratoga Springs Preservation Foundation over reconstruction projects that are being planned for various buildings on Saratoga’s backstretch, particularly those that are not in sight to the larger community. He said that the influence of the foundation over the design of those buildings has led to “intolerable” cost increases, and he urged NYRA and the FOB staff to come to an understanding with the foundation that would minimize cost overruns.  “We have to think seriously about how to get their attention, because this has to stop,” said Towne, who is a partner in a law practice in Albany and who has been a member of the FOB since 2012. “They need to change their tune very quickly.” NYRA officials told the board that several projects at Saratoga have been put on the backburner due to the plans to stage a four-day race meet at the track in June to support the Belmont Stakes, including a project to renovate the track’s saddling area. NYRA officials also told the board that they plan to relocate Saratoga’s racing office, which is currently located in a building just outside the paddock. NYRA also provided updates on various projects designed to improve living conditions on Belmont’s backstretch, including the construction of three new dorms, improvements to the on-site health clinic, and renovations to the recreation hall, track kitchen, and gymnasium. Robert Williams, executive director of the FOB, told NYRA officials that the plans for backstretch improvements had been well thought-out, and he commended NYRA on working with its horsemen and the FOB on the projects. Williams said he had multiple meetings with Joe Appelbaum, the previous president of the New York Thoroughbred Horsemen’s Association, to advance the plans. “I want to thank NYRA for fully embracing what we brought,” Williams said. :: Want to learn more about handicapping and wagering? Check out DRF's Handicapping 101 and Wagering 101 pages.