You're going to Vegas dude, spend a little and live a little, the better experience will be worth the extra $80 you're saving. The Mardi Gras Hotel & Casino is your Best Bet for an affordable hotel off the Strip in Las Vegas. Overall I would not stay there again though, just too cheap for the money. Mardi gras is a short walk away from the monorail though, and that thing is a life saver if you want to visit around the strip, I bought a 3 day pass and rode it like 30 times, well worth the money. Then stay at the hotel to cap off your day of excitement.
It's basically a slightly larger room motel, honestly you would be better off spending a bit more to get a room on strip, even at a cheap place like treasure island. Play at Cross Laness casino featuring slot machines, poker, greyhound racing & more. They will keep part of your deposit so prepare for that. Compare all the top travel sites at once. The area is not the best but it's safe enough, you will be fine especially if you're with a group, lots of tours use this place as an overnight for the tour group before bussing them elsewhere. Mardi Gras Hotel & Casino, Las Vegas - Find the best deal at HotelsCombined. The beds and sheets are not comfortable and the AC is loud. I stayed at this hotel for 4 nights in June.