The financial success of most golf courses is dependent upon a real estate component too.  Is there something wrong with that?  

One thing for certain, nobody ever made any money from developing a "cross country ski resort."  Why?  Because cross country skiers are axiomatically cheap.  They bring their own sandwiches, they don't hit the bar after skiing, the only thing they want from the restaurant is free hot water for their tea.  And they even resent paying for the right to traverse the prepared trails.