The NHL is expanding. Where should they go?

Pro hockey is commercially viable in relatively small urban markets like Winnipeg because Canadians,and, more importantly, Canadian businesses, and and will support a franchise (even terrible ones). The most marginal Canadian franchise is Ottawa and that's largely because the arena is a pain to get to. But place a rink in a downtown location in most Canadian cities and you will have licenses to print money.

The only reason the NHL will not go to Canada is that these fans are effectively already "spoken for." The Maple Leafs and Habs have territorial rights over Ontario and Quebec fan bases that already tap these revenue streams. The question really comes down to what is the nature of the NHL's expansion mandate?

If the NHL wants to create franchises that survive on gate revenues, then Canadian expansion is a no-brainer. However, if the NHL wants to grow the market-share of pro hockey then it's probably best to go to Seattle and similar cities that hold long-term potential for creating a wider net of NHL fans. Every sport dreams of having such a large and diverse fanbase that they can make a profit of broadcast right alone akin to the NFL. That will likely never quite happen, hockey will always be a gate-driven business, but a more robust fanbase and stronger broadcast deals as a result are strategically more beneficial in the long-run if they pan-out more like the San Jose Sharks rather than the Florida Panthers, etc.

Finally, Las Vegas is a terrible idea that fits neither of the above strategies... which likely means it's a shoe-in for expansion with NHL brass.