Hello Teresa,
I have been down to The Strip a couple of times to check busking out. I am not sure what the law's are yet, but there is some of it going on with musicians. I don't see a lot of money being made, but there is always that chance. What I do see is poor showmanship. What I do hear is bad music. And, I may be there at the wrong times. There have been lots of people on the street. I plan to check the scene to see what it is like after 01:00 a.m. Personally, I think I would prefer a quieter, less hectic venue.

And, yes, I hear busking is illegal. But, I don't think the law cracks down on it unless there gets to be too many buskers. Street vendors (soda, water, beer) seem to be getting over-crowed, but with the cooler weather they may disappear.