Nobody talks about it because the concept is that they need the other revenue streams in the short term while they stabilize and finally grow the fan base. The “at this point” you end the post with is the whole point. Phoenix has the potential to be a viable market, but it needs the right treatment.
If you look at a team like the Nashville Predators, they did struggle financially for a while. What really turned things around was the market-specific marketing campaign (Hockey-Tonk, Smashville, etc) that started up under new ownership and coincided with the team feeling like more than just a bubble team in the late-00s, early-10s. That was when the Predators gained the reputation for the loud fans and building they have now. It was generated by the way the team was marketed.
The thing is, marketing like that only works when you have a good building to pull the fans into and it also takes a few years to build some momentum with it. I thought I remembered seeing that Meruelo & co do have a plan to do this kind of thing, but the fact that they really haven’t done it yet suggests that they’re not going to spend the money on it until they’re in the new building.
Eventually, the Coyotes themselves should become profitable on their own. All the other revenue streams are the short-term buoys.