In addition to the potential loss of habitat, restrictions on lion hunting could potentially reduce the tolerance of communities in some areas, such as on private land or in Namibian conservancies where land holders are the effective owners of the wildlife resource [25]. Restrictions on lion hunting may also reduce the funds available for management activities such as anti-poaching and community outreach. State budgets for most African parks are below that required to protect them effectively and there is typically little state funding for hunting blocks [35]. In some cases, investments from hunting operators in anti-poaching activities are notable.
http://plosone.org/article/info:doi/10.1371/journal.pone.0029332#article1.body1.sec4.sec5.p2

This paper and its model relate to broad-scale financial viability of hunting tourism operations and shed no light on nuanced topics such as human-animal conflict, trophy hunting's ability to share benefits with communities, anti-poaching initiatives, or land use change. Considerable literature exists on these topics elsewhere, showing their complexity.