No doubt, nobody especially inside the millionaire and billionaire's club will step into that kind of business if it's not paying that much. Before they venture in that kind of business, they have already made their studies on how they could improve their probability as casinos have been very competent lately, and how would they attract more clients and maintain as well so that the flow will always continue. These factors alone is a deciding point before starting the business and if they cannot answer either one of them, then it's not yet time for them to build one.
This is right. If it's not profitable, they wouldn't really put their fund into it. It will be totally useless to invest over something that you know wouldn't thrive and generate profit in the long run. Since they have business-mindset they will opt to venture into something that can withstand the test of time despite many arising competitors. Of course, they have their financial advisors and they calculate their every step and plans they take so they will experience lesser hassle on their end.
They won't be millionaire if it weren't for this kind of mindset. Unless of course they are old rich that have generational wealth.
But there are still lots of gambling companies who fail so those who are planning to venture on this industry must be aware of that possibility because they might get over confident and put everything they got on this business and they will boost it more by taking a huge loan from different lending companies and banks.
Investments has risks but some investors will still continue because they think it can bear them a profit. If they got lucky and maybe put some effort yes but if not then they can experience a loss but I wouldn't call it totally useless since there are experience or lessons that are gained here. This is the only way to earn and that is by taking a risk.