Ray's is a non-profit and is probably sought and was granted property tax exemption. I don't see how else this business remains profitable. I've done the math and looked at some locations. I'm pretty sure Ray was given the original Cleveland location for literally nothing. All a non-profit has to do from there is earn enough to remain open, reserve funds for expansion and self preservation, and pay its employees. Also makes it pretty attractive from a sponsorship perspective as well.