The New York Racing Association announced Friday CEO Charles Hayward and Senior Vice President Patrick Kehoe are no longer at the reins.
The board says they did not perform their duties at the level required and have been fired.
It comes in the wake of a state report that found $8.5 million in winnings was not paid to bettors.
The report found NYRA was extracting inaccurate "take out rates" from winnings, something NYRA denies.
The organization oversees Belmont, Aqueduct, and Saratoga racetracks.