A few comments on my hill, as I've more or less seen their books. Some of this is indicative for ski areas in the Alps, some not:
-Our hill makes a killing on ancillary services and loses money on ski operations. The ski pass, priced at around 30 euros, is something of a loss leader. Pricing is a dicey issue and I don't think an operator could just set prices based on market forces; there's a sense that skiing is a sport for the masses and should be accessibly priced.
-The main expenses are HR and electricity. This is a different cost structure than US resorts have, where a lot of workers are ski bums paid in passes and services. Most European hills don't or can't do that; all the workers at our hill are on contracts, some seasonal, some full-year. And employment carries very high extra costs in Europe. Power is very expensive in Italy too.
-Insurance is much less of a factor here than it is for US hills.
-The resort has supported itself for the last year or so on the sale of the former site of the departure point of the tram, now replaced with a gondola. They sold the property to developers for something like 10 million euros.
-Ancillary sales for the resort are mostly food. The resort doesn't own ski-rental shops or hotels and has no parking concession. The lack of this wider revenue base is what's hampering its earnings ability. Like most European resorts, Skiarea Valchiavenna grew organically above an existing town. It owns virtually no property of its own for development; it runs the lifts on a concession deal. Furthermore, even if it were to buy/develop hotels, condos, etc. in town, it would be competing with entrenched local interests, mostly families who've run businesses in the valley for generations. These families have no control over the lift operations (eg, when the ski area opens and closes), and vice versa. So the resort could stay open through May, say, but the hoteliers could decide to close at the end of April. Or vice versa. And this happens.
-The resort has divided its ops into two companies, one that counts the cash from food sales, the other that racks up losses from ski operations. That latter "badco" will never be allowed to go bust; the region will prop it up or buy it at some point to guarantee all the jobs it creates, directly and indirectly.
So, to return to the original question of how much (my) resort earns, the answer is bupkes, at least from skiing. If they had their way, they'd just keep their restaurants open and shut the lifts (and indeed, some days, it seems like that's just what they do).