Ski areas are a money pit, always have been. They eat capital unlike any other business. The areas with new lifts also have new development. DV is getting 18 lifts cause they are gonna build how many houses and condos and restaurants and shops and a new village and all the things nobody in the MRV wants. That’s where the return is. And that’s where the investment goes.
This has already been stated (maybe in other threads), but Alterra isn't getting returns on those houses, condos, etc at DV. They don't own that land and aren't the ones developing it.