Don't forget skiing is a seasonal, low margin business. Powdr's sweetheart lease may have given them a point or two in margin, but lease payments are dwarfed by the other expenses of operating a ski resort.
To help with the back of the napkin, just look at MTN and SNOW:
Vail Resorts: 7.8% operating margin on $1.2B in revenue.
Intrawest: 5.5% operating margin on $529M in revenue.
So, let's give PCMR: 7.8% operating margin on $200M in revenue. It's hard to imagine the single resort of PCMR doing more than $200M given the MTN and SNOW multi-resort revenue numbers. That would put PCMR operating income around $15M/year.
I'd bet the Cummings would jump at $15M/year for PCMR. I don't think it makes sense for MTN, but neither does the $25M/year lease with Taliskier, IMO, so why stop there. Katz has gotta keep that stock price up so his options are worth something, so grow, grow grow.
There is no debt service coming from a large capital expenditure to buy the properties, only the expense for the lease...