Objection, your hono(u)r!This depends a lot on the species in question. If you look at the larger picture of Megabat species variety, only few megabat species managed to establish themselves in sufficent numbers in captivity (Rousettus aegyptiacus and Pteropus rodricensis, in particular, come to mind), and without LBC's constant coordination, breeding success of these species might not be where it's today (not being that regular in all these species, btw.).
Without being able to cite anything, I assumed it was regular, since R. aegyptiacus, P. rodricensis, and Eidolon helvum, at the very least, have large self-sustaining populations, and births are frequently reported at several facilities. Whether Malayan and Indian flying foxes are well-established is questionable, since they are not quite as common and they are not globally maintained like P. rodricensis. Other megabat species (Wahlberg's epauletted, hammerhead, and Australia FFs) have indeed gone the way of the dodo in NA. You're right that few megabat species are well-established in the States, but bats are far from being the only underrepresented group in captivity so that alone does not surprise me.
As for conservation bat breeding programs, don't forget Jersey's Livingstone's fruit bat (Pteropus livingstonii) project.
Only forgot it because I was thinking about NA zoos in particular, which don't keep P. livingstonii, but yes.
Insectivorous microbats can live for longer periods of time in captivity if professionally cared for; I happen to know several specimens of European species kept in captivity due to not being fit for release and used for educational purposes. The labour input, however, and diet requirements as well as legal issues makes keeping such microbats unattractive for zoos.
I could have worded my statement better, I suppose. You're right that they can live for long periods of time, but this is not usually the case. In most cases, mortality rates are high. Too often they are improperly cared for, which can be especially detrimental for insectivorous bats because they die quickly if mistakes are made. The dietary requirements, legal concerns, and difficulty in seeing the animals all combine to make them unpopular exhibit animals. Additionally, the US has tried keeping colonies of insect-eating bats in captivity: one subspecies in particular, the threatened Virginia big-eared bat, was kept at the Smithsonian Conservation Biology Institute to create a security population and develop husbandry techniques. Within 6 months, 75% of them were dead (granted, some sources indicate the Smithsonian made some stupid mistakes that led to this outcome). This article details it here:
Smithsonian Science News –Captive colony of Virginia big-eared bats providing valuable lessons in battle against deadly white-nose syndrome
Why is it that vampire bats have declined so much in Europe? Zoos in NA don't seem to have a lot of trouble with them; they are actually quite easy to feed, rarely get sick, and they make popular exhibit animals because of their uniqueness.
Spectral bats are a species I would like to see in zoos. Granted, they would probably give a lot of people nightmares.... I guess that's why bat nerds don't get to make those kinds of choices