Not really. There are certainly things that kids would enjoy, depending on their ages - rides at Stratosphere, Circus Circus, and NYNY; the High Roller ferris wheel; Shark Reef at Mandalay; Dolphin Habitat and Secret Garden at Mirage; Madame Tussaud's at Venetian; etc. There are some shows that are kid-appropriate, again depending on the ages. There are nearby sights that kids might enjoy - Hoover Dam, Red Rock, and the Grand Canyon (a bit farther out).
But none of the Vegas hotels cater to children, or do anything to encourage family vacations there. There are some hotels that are more kid-friendly than others (Circus Circus - which is a dump, Excalibur, NYNY, and The Orleans), but none go out of their way to do be kid-friendly.
There are a lot of things in Vegas that are not so appropriate for kids. There is a lot of drinking, and therefore a lot of drunk people. There is obviously gambling, and smoking, in the casinos (although children can only walk through them - they cannot stop and linger at all). There are people on the street handing out cards with pictures of mostly naked women to advertise for escort services.
So there are things for kids to do in Vegas. You could do all of them in a day or two. But it would not be my choice of a destination for a family vacation.