I think it's mostly age.
Every rumor/conversation we've heard planned has been to do the replacement of Dino/Keechelus first since it's "replacment/upgrade of existing infrastructure" and not "installing new". That makes the EIS and permiting a whole lot easier than cutting a new liftline and runs out of stands of mature trees. FWIW, Boyne (the new management company who took over from Booth Creek) has a pattern of spending money for upgrades. Look at what they've done at Crystal. Of course, we should all steel ourselves for some price increases over the next couple of years too.