I attended the 2014 Pac 12 basketball tournament at the MGM Grand in Las Vegas. Holding the tournament inside a casino in Vegas is a great idea and the MGM was full of Pac 12 fans from every school. In-fact the entire Vegas Strip was crawling with fans from Arizona, Oregon, UCLA, USC, etc. It was an amazing atmosphere to hold a tournament.
The venue was small enough that you felt close to the action even if you were in the upper section. It was packed for all three sessions that I attended. The views of the action in the side sections down by the court were amazing and really put the talent on the court on display. I recommend any of the seats in Sections 10-15.
The Pac 12 basketball sessions 3-5 started later in the day, which allowed everyone time to hang out at the MGM Grand pool or visit other sites on the Vegas Strip. It's the best idea ever to hold the tournament in Vegas, because it offers those type of amenities which no other city can touch (maybe New Orleans when SEC tournament was there).
I highly recommend every Pac 12 fan take the trip to Vegas to experience this tournament. Your team can get knocked out and you'll still have an amazing time.