First read up on the law http://motorbicycling.com/showthread.php?t=10880
I do not ride a lot through metro Vegas but as with anywhere the less attention you draw to yourself the better. The more you look and sound like a normal bicycle the less cops will pay attention to you. I had to ride past a cop once that had pulled someone over and, to stay as inconspicuous as possible, I killed my engine and pedaled past him for a dozen yards.
I have yet to take my motorized bike on the Strip. There are generally far more bike cops then car cops and they will pay attention to you if you are loud or interfering with traffic. There is really no way of riding on the sidewalks with the shear number of pedestrians, and there are no bike lanes or shoulders for most of way. So it would really be a gamble whether a cop would give you a ticket or not. Not to mention it depends on the cop too, and whether or not they know the law, if they are having a good day or even if they are just a plain dick.
So just use some common sense I can also recommend a couple more scenic and longer rides while you are in town too.
Both rides are great! Let me know when you are in town and maybe we can go riding together.