I remember when the national parks pass day charge went from $20 to $27 that one of the justifications was that NPWS had to fund some of the sewerage treatment plant upgrade works for the expansion of perisher to go ahead. They're still collecting that surcharge. I think one of the posters in that old thread hit the nail othe head, they talked it up & tried to get some buyer interest & push the price up, they were looking at changing the structure of the business a few years ago.
I'm sure PBL looked hard at return on investment & it's not stacking up.
There is potential there but once you've committed to a massive project you can't go back as you risk losing the costs of planning/engineering if the inflexibility of the planning authorities limits your development & forces the build costs up. Would you invest your super in an Aussie ski field redevelopment?
After visiting overseas ski areas you go to our ski fields and wonder why there isn't more off mountain activities and comes back to the length of the season, year round tourism is required. for instance Queenstown NZ is just as busy in summer,why, because it has more attractions which fund a year round tourism industry.