Saratoga Race Course's 150th anniversary season, one of the highlights of the horse-racing year, got underway today. But while the Saratoga Springs, N.Y., venue is the star of the three thoroughbred tracks run by the New York Racing Association, the other two tracks -- Aqueduct and Belmont Park – are currently the subject of a thorough review.

One of the key issues under consideration by NYRA's Reorganization Board, established by Gov. Andrew Cuomo in October 2012, will be the racing calendar. How much racing is the right...