I think every dollar spent on gaming facilities for the millennial crowd is sunk - they will be lucky to achieve 0% ROI in those ventures. Millennials, like the casino owners, are risk-averse. They are much more willing to part with their money, however, for experiences rather than things or a gamble. Better to invest in things like top-line shows, concerts, sporting events, etc. It would be interesting if they turned themselves into a legitimate Broadway West rather than focusing on gaming operations in Las Vegas.

As for non-Vegas gaming, I'd be looking to downsize every which way I could for the next 20-30 years, becoming more focused on the customer, and not necessarily through rewards/loyalty programs. I suspect there will be fewer gamblers over the next 20-30 years, so seats will be fewer and competition for those seats might be fierce. Once you get them in the doors, learn their names. Learn their favorite drinks and eats. Give them a reason to want to come back. Make it almost a 2nd home for them, similar to a neighborhood pub. That will get companies through the lean times to the next generation of folks who, I suspect, will be *much* more into gambling. Then start scaling up 20-25 years from now.

In short, I'd be much more willing to bet on smaller, friendlier bars & casinos over the next 20-25 years than large-scale, non-Vegas casino operations. They'll be small enough and local enough to be able to respond & react to local trends & clientele rather than having too much space and too few butts in seats.

Also, I'd invest more in poker if I was a smaller, local casino operator. Not necessarily heavy infrastructure, but heavy on great dealers, great promotions, and advertise the hell out of it. Poker is/should be a more social game, and limit poker offers much more minimal risk. You're also playing against players rather than the house. There's the rake, of course, but millennials are much more apt to see this as a skill-based, social experience with a fixed/minimal cost (rake) rather than a gamble IF you market it correctly. In that regard, I think the California card room business is much more likely to thrive then larger, full-scale casino operations outside of LV.