No question that COVID helped the rink get to where it is right now, but a large part of it is the bad decisions of the rink owners. They apparently* overcharge for ice time for summer tournaments compared to other nearby options, and there are plenty, and kept a lot of ice time for "private skills sessions," which, given the numbers that showed up, were quite private. Also, it was supposed to be part of a multi-sport complex, similar to The Edge in Bedford, MA, but the rest of the project never got off the ground.
*Note: This is based on rumors. Thankfully for what's left of my sanity, I'm no longer involved in planning any events.