A couple of reasons...
First is the town itself (not related to gambling). I stayed at Venetian, as I have for the last several visits to LV. I always get a rental car. When you leave Venetian - you are instantly in meth central. And I have seen more of these neighborhoods in Vegas than in an average city. Admittedly, it is a totally limited experience - but I haven't seen the beauty in Vegas until you get far outside of Vegas. And the traffic.
Second- for gambling - for what I do - it is virtually impossible. I have to get the best line at the exact right time. This is close to impossible in Vegas. I was out for the SB, and just getting from sportsbook to sportsbook is a nightmare. Then getting inside - and try to make any bet of size - and you have "do you have a players card" followed by paperwork. Then when you collect (I didn't unfortunately on the SB), more of this. Wanna bet more than 1k on a big European soccer game? Some will take it, but most wont. They look at you like you have some fix information about a English Premier League game because you want to bet 5k.
Then throw in that you are always paying more than you should (-110). So logistics and limits make it not only annoying, but make it unprofitable long term for me.
I realize these are personal reasons. But since you asked - those are my reasons.
Established in 1995,
If it was not for the half-point losses in the buckets, and bad calls at the end of the Super Bowl, you would already be a legend in the gambling world. 
Look up the definition of sarcasm. 
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