Vegas is already a saturated market, and unless you are coming in with one of the major brands that can compete with the majors, my opinion is that it would be challenging return on investment. Unless you can make the investment into an asset, a destination where consumers would want to come and enjoy varieties of food and beverage, gambling, etc., I would be extremely calculated with such an investment. Having a third-party feasibility/marketing report completed would go a long way to provide the additional comfort you would need.
I would not think so at all.
On a platform like this I will only give general advice. First thing I would mention is that Las Vegas, like any market, is location, location, location. Second would be to ask what level of hotel you're thinking about. Many people look for lower-end hotels, where the market may not be as crowded. Third and last: The only way to find out is to work with someone who knows the market and check it out.