IIRC, the province doesn't really want to adjust the lease to allow more on mountain accommodation, and that may be causing the slow play. Changing the lease likely would create a duty to consult. and that is likely a bad idea all around.
I think the province approved their long term plan, including on hill accommodations. I think the issue is money, it costs a lot to build all the stuff a ski hill needs and people aren't super keep to hand over cash.
Phase 1, without accommodation, was hoped to be complete by December 2023. However, there are challenges on getting accommodation to be allowed for a future phase (as per February 2022 article). Maybe there is a hard time getting investors for phase 1 if there is not approval for future accommodations. I think that could scare me off if I was a potential investor. Here is a Reddit thread mentioning financing issues
Most ski hills are real estate businesses mascarading as tourist attractions so I wouldn’t hold your breath. Speaking as someone who would likely get a pass there. Went in the year when the lodge had been condemned and there were only running half the mountain. A magical place.