Originally Posted by deserat
I personally like the 'older' part of the strip which houses a lot of the original hotels (the 'cowboy and others' - I think it's now covered and treated like a walking mall. Just people watching there should be entertaining enough ;-)
That's downtown Las Vegas, also known as the Fremont Experience for the covered lightshow canopy they have now. It is a great place to wander, hop into a few cheap casinos and get a shrimp cocktail. It is pretty far from Mandalay Bay. It's also a great place to do some cheap gambling and shopping.
If you're staying at Mandalay Bay, walking around it, the Luxor next door, and then to the Excalibur would eat up a lot of time, and give you a good variety of casinos (Expensive, not so expensive, and cheap, in that order). From there you can go across the street to see the Tropicana to see an old school smoke filled dingy casino.