One thing I have been reflecting on that may have contributed to the demise of the RoA and unfortunately it makes a lot of sense is the cost of insurance.
Starting with the Liberty Belle, things that are not easy to replace are not easy to insure. Many of the parts needed to keep it going were only getting more difficult to find. As the cost of replacing those parts increased, I’m certain the cost of insuring it did as well (not to mention the actual maintenance costs).
As for TSI, the risk of bodily injury and the age of the attraction probably meant that it would have eventually needed a large retrofit to bring it up to code.
Seeing this, and I hate saying this, it did unfortunately make sense to close the RoA from a business and liability perspective. At the very least, we still have real steam on the WDWRR, which WDW seems committed to maintaining as evidenced by their multimillion dollar investment in each of their four locomotives. It pained me greatly to see the RoA close, but I have made my peace with it.