Well it's an enlargement of an existing snowmaking reservoir so I suspect it is the the latter. Probably part of a strategy to make the resort look eco-friendly.
Some extremely back of the napkin math (using ChatGPT) shows that if 1.33 million cubic meters of water per year were used at 1000psi (this is a huge assumption) to generate electricity, at the standard 80% efficiency you could do 2,030 MWh per year. A random search for the average price of electricity in Switzerland shows 0.154 euros per kWh, so it seems like this could potentially generate 312,620 euros (at consumer rates...) worth of electricity per year. Given that the idea of pumped hydro is to pump when electricity is cheap and then generate at peak demands...I'm not quite sure how to do that math!