We're not really saying its a scam, but many owners failed to do their extensive research before jumping in, only to get disillusioned after realizing things aren't working out (i.e. gain traction) and start losing money.
This has been repeating itself so the outcomes are easier to spot.
As a person who worked with 2 different casinos in marketing department for a total of 2 years, I can clearly say that the biggest reason why casinos end up bankrupting is the fact that they get hacked, all the other parts are nothing that important at all. I can start a casino with 100 bucks today, and then keep spending 100 bucks a month on it, and keep surviving, sure I would need others to bankroll it, but no matter how much it is, even if small, as long as it is not zero, I do not need to close shop at all.
Even if I have 100 bucks in there, even if the max bet earning is 1$ then it is still a casino, it sucks, it is bad, but it is there, I do not need to close it and I can keep spending 100 bucks on marketing and hope for the best every month. Just because it "earns few cents a month" doesn't mean that I have to close it or it is bad. Only reason most casinos bankrupt suddenly is the fact that they get hacked, and since they have shit ton of money from gamblers depositing, they lose insane amount of money, and they may end up paying it back, but that just stops the business as a whole.