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PA,
You posted...
"As a not-for-profit entity, they are allowed to pay off all their debts and bills with any money that comes in. Anything left over, goes to the state. Clear enough? They didn't pay for the mortage with money that was owed to the state. This is what your post implies."
...Thank you. Very clear. Even you should be able to understand it. So if the NYRA didn't have the $50 million mortgage, the money coming in (profits or revenues) would have gone to the state instead of paying off the mortgage. So in other words, NYRA paid off the mortgage with the state's money, and thus the state owns the racetracks.
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