In many ways, it's a chicken-and-egg situation. Vero Beach was DVC's second ever resort. It was built very small, and still took a decade to sell-out. Sure the target changed...only because the original vision was fatally flawed. Disney itself had to know it was risky, given the laundry list of hotel and timeshare concepts they've scrapped over the years.I don’t think its margins as much as that the target program has changed. Disney has long tried to bring the Disney experience beyond Orlando and Anaheim - they were successful with retail stores, but they failed with restaurants, DisneyQueat, etc.
There's a price point at which Disney could profit off hotels, timeshares, restaurants and retail stores...maybe even video game parlors...outside of LBV and Anaheim. They choose not to, mostly because the margins are so much thinner than WDW and DL. When weighing how to invest resources, the theme park complexes always look better.