Net returns from livestock in semi-arid African rangelands ($10–$30/km2/year in areas with 400–800 ml of annual rainfall [34]) are similar to those from trophy hunting in some areas (mean $–24 to $164/km2); hence, maximizing returns from hunting is key to ensuring competitiveness of wildlife-based land uses.
http://plosone.org/article/info:doi/10.1371/journal.pone.0029332#article1.body1.sec4.sec5.p1

This is an important point that should be given more thorough exploration. On a per hectare basis, hunting struggles to compete with other land uses, including photographic tourism, agriculture and cattle raising. Other authors such as Baldus and Cauldwell point out that in Tanzania’s Selous Game Reserve (SGR):
"Income generation per unit area from all hunting areas of Tanzania is approximately US$ 40/km². Hunting income per unit area for the SGR is approximately US$ 70/km²
Photographic tourism in the SGR generated approximately US$ 130/km² prior to a recent expansion of the area." (p12)

The rate of lion hunting is unlikely to have any effect on the industry’s ability to compete with higher earning land uses.

Baldus, R, and A Cauldwell. 2004. Tourist hunting and its role in development of wildlife management areas in. In Sixth International Game Ranching Symposium – Paris July 6-9, 2004, 1-45. Paris, France.