I have never seen UNLV to have the potential that you do. I grew up in Phoenix in the 70s and there were a lot of parallels. And still, ASU has suffered with attendance, despite having gazillions more alumni out there.
Challenges:
1. Other distractions and things to do in Sept-Nov. (A western US thing)
2. nobody is from there, most that live there, never have been on UNLV campus (another Western US thing)
3. The Raiders coming to town, is a giant problem not a help. Salt Lake and Boise don't have that to compete with. Either did UNLV. This is going to be a challenge for them, just as the Donks is the biggest reason for CU apathy. See talk-radio. Compare SLC talk radio to Denver.
They have built facilities, but honestly, not sure playing in the Raiders stadium is a help. It's going to be completely empty from day one. Echos galore.
Things on their side:
1. Lots of SoCal transplants in LV, including a decent amount of homegrown talent that is increasing with population.
2. Popular with Pacific Islanders. They love Las Vegas. Go to the Islands, and that's all they want to do is go on vacation in Vegas. Odd!
3. easy and cheap to get to from other recruiting hubs such as Dallas, Houston, Phoenix, and a short drive from SoCal.
4. Girls. They need to establish UNLV as the G5 Stripper U. Take no backseat to ASU, this needs to be embraced!
If I was the AD, I'd have tried hard to hire a Poly coach and go all-in on targeting that community, both in Vegas, the West Coast and the islands. If that didn't work, the Hawaii coach would have been a bold move as well, with his connections. Make yourself "the destination" for Poly kids at the G5 level, in addition to always recruiting the best kids available in your footprint, and you're moving up.