You could consider it a joke--or an opportunity.
I encourage you to check out Grand Canyon University's story. It embraced its location is a very sketchy section of Phoenix, bought a bunch of the real estate around campus, committed to neighborhood revitalization, developed a partnership with Habitat for Humanity, and made hundreds of millions of dollars (before and after transitioning to non-profit status) while earning a huge amount of community goodwill. https://news.gcu.edu/2020/02/operation-revival-is-working-for-neighborhood/
And, oh yeah, it involved taking over and revitalizing a poorly maintained, unprofitable golf course. The GCU course is now a money maker, hosts college tournaments like the one TCU played in this spring, and led to the creation of a golf management degree program.
Grand Canyon is still a for-profit college. You can buy a share of publicly traded LOPE.
A significant amount of the money used to pay for those on-campus facilities for their 25,000 in-person students is funded by their 90,000 online students.