The thing is, this movie looks fucking EXPENSIVE. So I don't know how much money they're actually making, as compared to say, Adam Sandler making shitty comedies with padded budgets. It doesn't strike me as a cynical cash grab, it strikes me as Peter Jackson liking action scenes and nobody questioning the guy who made the Lord of the Rings which made everyone a shitzillion dollars.
From the New York Times:
"...its budget — an estimated $400 million, including global marketing costs —...". So yes, this movie is fucking expensive, it will probably end up being one of the most expensive movies every made. It's also stated that the movie took in 84.1 million dollars in the United States alone during it's opening WEEKEND, and 223 million dollars worldwide.