It has definitely been a struggle but the Las Vegas Monorail is still in operation. There was a joke all over Vegas that the sports books would put a bet on the board that the Monorail wouldn't make it another year and that was in 2008.
Read more about the 10 year celebration from the LATimes
I have never gone more than two days without riding the Monorail but many People have come to Vegas a 100 times and never once ridden it. The best reason to ride it is to get to and from the Flamingo/Quad/Harrah's part of the south end at MGM. all the other stops are not as popular but that route is because You can really save some walking and time.