*** 2006 Update - the San Remo becomes the Hooters Casino Hotel ***
I found the San Remo Hotel/Casino on Travelocity, for a (what I thought was a) modest $59 US/night.
Beside the famous Tropicana Resort, and across the street from the MGM Grand, it's conveniently located as the closest large hotel to the airport, yet a 10-minute walk to the Las Vegas Strip.
Not a name one would recognize, it doesn't attract stars or celebrities, but you can't get closer to the action without blowing your budget!
Unique Qualities: Now the Hooters Casino Hotel, I wanna go back to Vegas!
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Theme: Hotel
Comparison: less expensive than average
Prices: US$40-80
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Phone: 1-866-LVHOOTS (584-6687)
Address: 115 East Tropicana Avenue, Las Vegas, NV 89109
Directions: Just off the southern end of the Las Vegas Strip.
Website: http://www.hchvegas.com/