Think my question was misunderstood. I understand the math involved for the affiliate. The question was about how FA is running their business. Guessing that each casino is tied to the same income and expense statement, rather than each casino being treated as their own business unit, with someone responsible for 1 casinos profit and loss. This is how the real business world works. Pespsico owns Taco Bell and Pepsi, but they each have their own P&L that they are responsible for. In the end it all shows up on Pesico’s balance sheet, but if one business is run poorly, they can deal with it much more effectively. If every business were tied together at the hip, the ship would not float.
Guess I am providing business advice at this point (which wasn’t really my point), but it seems that each of FA’s casinos should be run as a separate entity and then there wouldn’t be this issue.