Good questions johnnyb. You are thinking like a business man.
I find there is not much cashflow in the lodging side vs. land.
However, guys like haymaker have made it pay a little better by finding good paying off season occupancy for their lodges like construction worker crews. Gets the asset paid for a little quicker.
$60/night/person let alone $30-35 barely keeps the lights on. Maybe good deal for hunters but not real good for owners.
I have a lot of hunters call me right before hunting season scrambling to find a place to hunt after their screaming good deal disappeared overnight.
Without sufficient cashflow, any businesses lights go out.
You can do pheasant hunting in SD on the penny, nickel or dollar. Either way you get what you pay for in most cases.