Tiger,
Unlike the creators of Chambers Bay, Keiser is a genius and his cost basis probably gives him considerable wiggle room. On the operating side, I suspect that golf course maintenance is run lean, though the labor costs for the rest are probably scary. I doubt that Kemper is cheap. I have no idea what break-even capacity utilization might be, but each time I've been to Bandon, there appears to be more open times on the courses than previously (it is my understanding that Trails gets relatively little play).
I can see why Pebble works, though those numbers too are mind boggling. Bandon is not the same animal and, I think, its potential client base is probably much smaller. Like you, I would like to spend a week in Bandon every year during the good months, but I just don't feel comfortable spending that kind of money on golf. When one considers that we are not very typical even among the core group of golfers, I have to wonder what will drive demand for Bandon golf in a future where the sport and the industry may continue to decline. Perhaps by that time Bandon will be deeded to a charitable foundation and the fee structure adjusted to a lower-profit objective. Or perhaps my general pessimism is mostly irrational and Bandon will continue to approach the Monterey Peninsula model.