I see it as bad management and marketing. They had what could with some imagination of been a money maker and turned it into a loss. In the spirit of Liberace they could of staged over the top wine and cheese parties at a good cover charge, sold silly promotional merchandise, in short they had a freaking ocean of campiness to utilize. He was all about promoting product, he would of been disappointed as a believer in free enterprise at the lack of imagination. Sure the few people who were his fans were diminishing but over the top campy silliness never really goes out of fashion.
I think you’re probably right