Disagree to some extent, building the new resort will result in a greater margin, but it takes 2 years to build + 3 years to sell. If I can buy back points at $100 and sell them a month later for $165, I can do that 20 times before I finish selling out that shiny new building. Plus, I take on no risk because someone has already told me that are looking to buy at $165. So while my gross margin may be less, I can recycle my capital over and over and over again generating significantly more profits with no risk.