Yes, LEOTARDS is a Scrabble word!

Letter values in Scrabble US: L 1, E 1, O 1, T 1, A 1, R 1, D 2, S 1.

Is it a valid word?

LEOTARDS is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

skintight knit hose covering the body from the waist to the feet worn by acrobats and dancers and as stockings by women and girls
a tight-fitting garment of stretchy material that covers the body from the shoulders to the thighs (and may have long sleeves or legs reaching down to the ankles); worn by ballet dancers and acrobats for practice or performance

Also: body suit, cat suit.