Pat-
Vegas is filled with golfers, retirees etc.. And unlike South Florida there are very few private clubs. Most offer great deals for Clark County residents in fact. For example, for me to play Nicklaus' Bears Best costs something like $195. For my Father in Law it is I believe $90. Almost all of the clubs with the exception of Reflection Bay, Shadow Creek etc do this. And they get a trememendous amout of rounds from it.
Demographics:
6-7,000 people move to Vegas a month.. that is 80k a year and the city/valley will top 2MM people by 2010. The affluence factor is rising sharply. More and more people like my parents are going out there to spa, play golf and see shows and not gamble. It has better food and entertainment than South Florida with year round activity plus the Grand Canyon proximity but of course no ocean. So golf will always be there. And more retirees will flock. My comparison is Phoenix/Scottsdale which I believe boasts better GCA by a multitude than Las Vegas.
Who would build a course like TS? Well the Paiute Indians built Paiute and I believe a local tribe built Talking Stick as well. Wouldnt they perhaps look at a natural, low profile design rather than move a ton of dirt typical Vegas course.
Paiute is north of Vegas where there is I'm told easier access to water--for example. It remains to be seen but this year's bumper rains should help out the Vegas water situation a fair bit.
The need to build housing stems from the fact that Vegas is dominated by new home builders who own a ton of the land in the main part of the valley. So they build these communities. It is not privately held, KB, Toll, Lexmar etc all own this stuff. they don't care about golf clubs on a stand alone basis.
I think a great low profile club that attracts the Summerlin set of people would do very well with Rustic Canyon esque fees.