Yep, a grandfathered license is worth the trouble to keep it current, in case it opens up again someday.
Who knows, maybe the Pioneer (downtown LV) or Moulin Rouge will reopen sometime, though I'm not holding my breath.

The reason I asked about the 200-room requirement was in relation to the Jackpot Crossing Casino in Carson City. But I see that it was formerly the Silver Dollar Club, so the license would have been transferred in the sale anyway.

The days of small-town casinos without rooms is over, except for those still operating. As a change of pace, I liked to stop in to some of them -- like Sharkey's-Tahoe, Crystal Bay Club (still open), the row of small casinos on "B" Street in Sparks (any live games in them?), even the occasional small place between Reno and Wendover. I could name many others. Tough for them to compete anyway, but an era that is passing.