I think you're likely to find the best deals online - PRICELINE.com being one place to look.
When I go, I usually stay at the place where the tournament I'm competing in is being held, but on business (non-gambling business) I've been comped at places like Caesars. I imagine if you're ok at being 'off the strip' you'll find some pretty good value hotels.
Regarding what you do when you get there, you're welcome to check this out... if you complete it, you'll get graded and given some 'interesting' results!
(I wrote it to get a few dates when I was still single, ehehe):
<a class="postlink" href="http://helloquizzy.okcupid.com/tests/the-professional-gambler-aptitude-test" onclick="window.open(this.href);return false;">http://helloquizzy.okcupid.com/tests/th ... itude-test</a>
"Goodluck!"
PS I think the whole of Vegas is like one giant wall-to-wall slot machine, and I don't particularly care much for it. One hotel (although some of the 'prestige' ones are a bit OTT) is much the same as the other to me when you're there.. but then I have never been there to vacation, only to 'work'.