The premise is definitely on the assumption that locals offer a more stable revenue base. Otherwise, then no, I really couldn't come up with much of a business case for not just completely catering to high dollar tourists.
Intuitively locals would seem to be more stable. I would still think more locals would buy a pass in a recession than tourists, as they don't have the incremental costs of travel, lodging, etc. Also, tourists are not obligated to come after buying a pass. At that point, the pass is a sunk cost and hence may very well opt to save on the additional costs that would be entailed by travel, etc. and not come. That would not be the case for locals. In a bad snow year, less tourists come. Locals will still show up (albeit less often than they otherwise might) and while they might on average spend less at the resort than tourists, they still spend money. So I have a hard time believing locals are not a more stable revenue base for a resort, but if that premise is wrong, then if I'm running the resort I'm much more about prioritizing the tourists and the locals just have to suck it up and take what they get
That is except
@fatbob who doesn't spend enough money- Just kidding!!
Interestingly, it's not all that uncommon for places to place some importance on locals, even giving special perks. Heck, even Disneyland gives Southern Cal residents access to purchase a special pass. I could go on and on of instances of notable tourist destinations that still offer something for locals including discounts. Can anyone think if there is a business case for that, or is it just being altruistic to those entitled locals?