Real leather is not cheap. Expensive paper is not cheap. A long time ago when I was a teenager I worked in a copy center. Not one that printed high end menus, but just mass copies of anything you wanted. For us to print, fold, bind and staple something cheap it was like $5 bucks per an item. That is small print, a few pages, but if you ordered in extreme bulk you could knock it down to like $3.
I have no clue what a fine dining menu costs, but I am sure by the time you add in all the costs, plus labor to have it made I can see it costing over $100 per a menu. I mean if you meal is going to cost $200, then having the menu cost that, doesn't really surprise me.
I guess it just really depends on the menu you are going after. The leather menu covers by them self seem to be at least $30.
http://www.restaurantequipmentsolutions.com/RSCH-LTH-3V55X85.html
http://www.restaurantequipmentsolutions.com/RSCH-7005-12X8-12.html
Paper can range from anywhere from a fraction of cent per a piece up to 10s of dollars per a piece. Depending on weight, quality, texture. Do you have something raised on it, to make it look fancy?
http://www.menushoppe.com/home/mnu/page_124/blank_menu_papers.html?rid=base
I would assume the fancy parchment paper which is $18.00 for 100 sheets when purchased 20+ sets of 100 sheets. Say the menu is 5 pages, so 5*200 is 1000 total. Plus the drink menu (now this can be very long if they have a huge wine selection, it will categorized by type, and by year) is lets say for just argument's sake also 5 pages, which is 500 more sheets needed. So, 1,500 sheets total, does not even begin to scrape the 20,000 sheet price drop, which puts the price at $22 per 100. So, 1500 x $22 is $33,000.
So, 300 leather binders is going to run you @ $40 each $12,000, plus $330 for paper, now we need to figure out printing costs, ink cost, and any thing else. Like having the restaurant logo embroidered on the leather bound menu.
I don't have access to the costs of these things handy, but lets say gold foil printing is going to cost you $10 per a menu, the actual print job itself will be $1 per a sheet, to have the logo stamped on the leather binding is another $10, the labor cost of printing them is (guessing here) $500, and of course since these are fancy menus with fancy fonts there needs to be some sort of design done to it, like in Adobe Illustrator or something, so the labor costs go up. Plus commission an artist to design something fancy for the menu. I am going to say, $500?
300 logos stamped on the leather = $3,000.00
gold foil print $10 per a menu = $3,000.00
$1 per a page 5 pages * 300 menus = $1,500.00
labor to print = $500.00
artist commission = $500.00
300 leather bound binders for menus = $12,000.00
cost of fancy paper = $33,000.00.00
Total = $53,500.00
cost per menu = $178.33
67 iPads = $33,433.00
100 iPads = $49,900.00
Trust me, when you are spending 150 to 400 per a meal per a person at a fine dining restaurant they are going to buy the most expensive stuff to make their menu look good. The high end critics will judge them on such things. With millions of dollars invested at times it doesn't surprise me menus for a 200 person restaurant can cost over $50k.