Bushwhacker nailed it. I'm gonna focus the following comments on the skiing.
Let's start with the aerial photo:http://www.terraserver-usa.com/image.asp...igonier%7cPA%7c
and then the topo:http://www.terraserver-usa.com/image.asp...igonier%7cPA%7c
The first thing that becomes obvious is that the intermediate side of the mountain is woefully underextended. There is an old lift that drops to 2200 feet but the current lift only goes to 2300 feet. The state park boundary appears to be just above 2100 feet. What I'd do is extend the lift- possibly negotiate with the private landholders below the state park for leased access down to 2000 feet for a solid 900 foot vertical. I'd add a second dedicated intermediate run, move the beginner run further west (currently I think it follows the old road- it's a hoot but we'd need the space for another blue), make sure the run under the lift gets snowmaking and is open, for three total intermediate runs, and then add a fourth run sloping back toward the Wildcat lift that was a dedicated terrain park with its own surface lift.
On the Wildcat side, I'd look at an expert run on the west side of the lift that joins the old connector run between the two lifts. On the Dream Highway (east) side, I'd add a glade down to that parallels the sheer drop on Wildcat.
I'd probably also want to see the quad on the intermediate side converted to a high speed detachable. It's going to be taking the bulk of the crowd and already runs kind of spotty.
Ambitiously, you could look at additional expert skiing on the eastern side of the existing terrain and another novice/intermediate area to the west of existing terrain, but there's only so much the state park is going to let you do. Nonetheless, I'd probably push for a master plan that had both expansion options in the final document so that if we ever did elect to go forward, we could do so expeditiously- this is modelled on Les Otten's approach to expansion at Sunday River, the flagship of ASC.
But we'd have to turn our attention to financing. Improving the skiing would put it on a competitive level with 7 Springs and Hidden Valley, but the skiing isn't going to be the principal revenue source. What is going to get people to Laurel and keep them there for a weekend? Real estate is one component, but I don't think you can ignore a base village- or summit village in this case- with alternative activities for non-skiers.
It just seems so sterile proposing something like that village though. I want a more ambitious idea, but don't have one in mind. Any thoughts?