If you've seen aerial views of the Strip but have never visited the city, the distances may be deceptive to you. It's a long walk from casino to casino on the Strip. You'll need some form of transportation no matter where you stay if you plan to see any of the city. Rental car rates are usually pretty reasonable in Las Vegas. City buses run regularly (if very slowly) on the Strip or to Downtown. Taxis are on the other end of the cost spectrum but give you a quick way to get around town.
If you want to see a lot of casinos, stay in a hotel in the heart of the Strip. The most centrally located casino-hotels are Bellagio, Caesars Palace, Flamingo, Bill's Gambling Hall, Bally's and Paris. These are the most convenient home bases from which to travel to the casinos on the north and south ends of the Strip. Casino-hotels come recommended over regular hotels because they offer more amenities like dining options and because it's convenient to leave your room and gamble if you so choose.
Especially if this is your first visit to Vegas, but even if it's your 50th, make sure you get out and enjoy the city. There is much more to see and do than gamble. There are major production shows like Cirque du Soleil, headliner singers at the various casinos, cheesy lounge acts like Big Elvis at Bill's Gambling Hall, Madame Tussaud's wax museum and free attractions on the Strip including the Bellagio dancing water fountains. There are several booths on the Strip where you can buy unsold tickets the day of the show. Go to www.tix4tonight.com for more information.
Many people go to Las Vegas thinking they are going to strike it rich yet go home with empty pockets. Before you leave home, decide how much you are willing to risk during your trip. One tip is to divide that money by the number of days you plan to visit and only gamble with that amount each day. That way you won't risk too much on any given day of your trip.