The belief that tenured faculty cannot be fired or removed from their job is a myth. Tenure merely requires that certain procedures be followed and cause be documented. If UNLV declares "bankruptcy" or financial exigency, it merely removes these procedures and the necessity of showing cause and allows people to be fired quickly, with no reason. In cases like this the reason is simple; you have been here 25 years and earn 90k, I can replace you with a new PhD for 45k. Good bye and thank you for your years of dedicated service.
I don't know anything about Dr. Titus, but it is not that unusual for a full professor to only teach one class at an R-1 institution (as UNLV is). They are expected to bring in grant funding to supplement their salaries and provide themselves release time for research.
The funding situation at UNLV is terrible. Without an income tax, Nevada has relied too heavily on a continued and increasing tourist economy to foot the bill. That has dried up and now really tough decisions have to be made.
I will do my part to help the Nevada economy with a visit very soon.