[Don Corleone]

And the fact that it relies heavily on outside financing even in good times (I don't know of any airports or air terminals that are owned by airlines) means that many of the "costs" of operating an airline aren't even paid by the airline.

I'll bet that you also believe in a "Free Lunch". All those facilities are paid for by YOU the traveller out of your ticket price. They are called user fees, landing fees etc.

[Alberta's Child]

You might want to take a look at how many of these "airport authorities" are set up, especially in areas where local governments that rely heavily on property tax revenue are often shafted when it comes to airport property.

There are a few cases in the U.S. where major airports have been offered for sale to private operators (fully private, that is), and my understanding is that the response has been underwhelming to say the least. If that ain't a sign that airports operate at a loss, then I don't know what is.