I paid $425 in 2015, this year it was $750.
1811 x $425 = $769,675
1395 x $750 = $1,046,250
Seems like they made a good business choice and managed to get a (presumably) less crowded course at the same time! 
Of course finisher numbers don’t tell the whole story.
Edited to add in the $25 for the lottery.
Maybe a couple of other points:
a. my guess is more people didn’t finish this year than last because of the swim. Could be wrong, just a hunch
b. sponsorship is based on participants and I know at least one “qualifier” race opted out of the relationship in part due to their costs. So certainly some lost revenue on that side
c. the variable costs for the race are pretty minimal because sponsors pay for those items.
Of course I am just speculating, but I doubt their bottom line was up $300K.
a. if the results lists are accurate showing starters and DNF’s, very few DNFs in '15 and '16 (maybe 25-30 each year). But maybe someone without a time at all is not counted there, as all DNFs at least have a swim. Surely some people were pulled and could not continue. But no way it was 300+. Plus getting relocated by the boat does not equal a DNF as I understand it (get a time, but not eligible for awards)— I think.
The DNF thing is not a factor, the boat will take you to shore if you cant do the swim and you are allowed to resume the race.
The DNF rate was no different between the two years. Between the decline in teams and individuals there were probably 550 less participants in 2016. This may have made the bike course better for people with marginal handling skills.
My whole premise in writing this thread is that they went from a high demand race where there was a waiting list to a lower demand race where I am guessing they could not fill with all lottery applicants admitted because of their price increase. Yes it is a supply and demand exercise. I am sure they would have loved to fill 1800 slots, and they dont give a rats ass about the number of participants on the bike course.
They even posted on their facebook page last fall that they were full, these guys are terrible from a PR standpoint!
Unless they change their pricing model (early bird discounts or other multi racer discounts) they will see a few hundred less participants per year from now into the future until the race is gone in 3 to 4 years.
They could have slowly increased their price and they would have ended up in a better place in the long run.