The bottom line is the bottom line.
If steam railroading to carry tourists was really profitable, the railroads would still be doing it. Rio Grande didn't sell the Silverton branch because it was a profit center. The railroads didn't dieselize on a whim.
Anybody who thinks they can make a bundle by operating a steam railroad better check what was in their cereal that morning.
People who operate historic steam railroads must be prepared for long hours, maximum liability exposure, huge expenses and countless other miserable situations.
It seems we have three types of operators. The ones trying to do it right, the ones still trying to find the pot of gold at the end of the rainbow, and the ones in between. Those trying to do it right will probably make it, and my hat is off to them, as they have accepted what they are up against and are dedicated to the proposition that historical preservation is worth the cost. Those looking for the pot-o'-gold would do us all a favor by getting out of the business. The ones in the middle need to make up their minds. CATS is a classic example of the middle where the owner and operator don't appear to be on the same page. Seems like their has been no lack of dedication on the part of the operators, save one, but the owners need to decide whether they are going to fish or cut bait.