My girlfriend is a high roller so we get free rooms at Ceasars, Ballys, Planet Hollywood, and several other hotels including Rio. Of course I would prefer Ceasars or Planet Hollywood, but I really like Rio, they have real nice pools and restaurants. As far as gambling I fell most casinos are pretty much alike. Yeah the rooms are dated but if you can get a cheap room I don't think you will be disappointed.
They have shuttles to the strip that are very convenient too.