Personally I think that the chance of happening the first one is near to zero. MetaWin team has been working with MWIN for more than a year. They have also made a lot of posts on their social media accounts about this. So, they won't renounce something that they have been cooking carefully for a long time. The $CASINO token might be separated from MWIN.
They can have both $MWIN and $CASINO tokens but I consider the first token ($MWIN) as their brand token while the second token ($CASINO) is too general and it does not represent Metawin brand.
Launching a token and spending decent resources for its design, launch, development, operation, maintenance, security are not easy and I would like to have only $MWIN token, and don't want to have $CASINO token together with $MWIN token. If $CASINO token is launched too, it will only get more resources from Metawin team for $MWIN token, that I dislike, as said.
Its official now $MWIN became $CASINO now they made full changes and I think they have more better plans for this especially that the name $CASINO is wide.
Lots of interesting things for their casino players and NFT holders so better for people to read this good updates from Metawin.
I though they would stick on $MWIN since its a good branding. But it seems they have other more innovative plans for this to make it became more successful.