Faiss' wife, Linda, says her husband died at Boulder City Hospital of complications from cancer. He was 79.
Faiss represented some of the premier organizations in the gambling industry during a decades-long career.
"A legend in Carson City and throughout the state, Bob enjoyed universal respect and admiration. Most of all, Bob was a true gentleman who loved his family and state. Nevada has lost one of its true giants today," Governor Brian Sandoval said in a statement.
Faiss was born in Illinois and moved to Nevada in his youth before attending the University of Nevada and studying journalism. He worked as a city editor for the Las Vegas Sun, an aide to President Lyndon B. Johnson and an adviser to Gov. Grant Sawyer.
"Nevada is a much better place because of the Faiss family," Senate Majority Leader Harry Reid, D-Nev., said in a statement. "I'm terribly saddened at the loss of my friend Bob."For a man who literally wrote the book on gaming law, he always made those around him feel as if they were the most important people in the room. I will forever be in his debt for the wisdom, guidance and insights he provided to me and the entire MGM family," said Jim Murren, CEO of MGM Resorts International.
Faiss was a member of the firm Lionel, Sawyer and Collins and lobbied for clients including the Nevada Resort Association and American Gaming Association.
Former Sen. Richard Bryan called him the pre-eminent authority on Nevada gambling law.
(Associated Press contributed to this report.)
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