Not qualified to comment on most of this stuff, but I can say that I've spoken casually with management at several areas ranging from destination to local, and they all noted that real estate development was the piece of the equation that had the greatest growth and profit. May depend on whether there IS any development possible. Obviously at some small resorts entirely in national or state forests, or where the local politics preclude development, that's a no. But you'd be surprised at the amount of 4-season development going on at even pocket sized slopes back east, let alone places like Vail. Back east because the snow-making's getting more and more expensive, and the natural snowfall more and more variable. Assume more the latter out west. They see the writing on the wall...
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