Québec City has a small population. It's not a city with lots of large businesses that can easily fill out business suites. It's not bringing a lot of new fans. It's not a large media/tv market.
It doesn't have a very rich owner that can withstand a Canadian economic downturn (off synch with a US downturn). And that's probably what is hurting Québec the most, that's why it failed last time around so the League will be sensitive to that. Plus, with Winnipeg, not doing absolutely fantastic last year, it only strengthens that fear.