I think Vegas rates will depend on the season (altuough i don't know if there are seasons over there
). I have been twice to there working at CES and i stayed in New Orleans, a little bit far to reach the strip walking but OK by car though. It was cheaper (around 40 or 50 bucks a nigh, a big double room)...but nothing special to see.
If you want to stay near The Strip, anyone is ok...but i would bet for the old city!!!