They also said "for a variety of reasons"....Who knows what that could be, but my guess is it involves additional concerns other than prior grosses/current grants/future projections. With a cast that had an intensive rehearsal window, an extended preview period, and barely had time to open, a heavy dance show whose supervisors most likely hadn't seen any oof the performers dance in a year and a half, and a partly foreign creative team – it's obviously possible that the director and choreographer had other commitments and weren't available now, and/or didn't feel comfortable with the show reopening with a) a partly different principal cast that b) they wouldn't be able to adequately rehearse and put in themselves.
I bet there are other considerations that aren't even occurring to any of us. And since they now have to return the $10 million dollar grant (and have said they will), I don't think there's any conspiracy here, nor do I think it's producorial inexperience, laziness or what-have-you... I suspect if there was any way to bring back the show they would have (since as others have pointed out, thanks to the grant, it wouldn't have been their own money they were losing), and that rather, for a multitude of reasons, only some of them financial, regretfully came to the conclusion that it would be unfeasible and irresponsible.