This place gets 3 Stars for trying really hard and showcasing some pretty cool suites recently. If you haven't heard about them, check out this photo gallery from the Las Vegas Sun in Feb 2011:
http://www.lasvegassun.com/photos/galleries/2011/feb/01/el-cortez-suites/
I've only had the opportunity to see one of the suites....and it's pretty cool by downtown Vegas standards. This property is making it's way to becoming a boutique hotel.....I hope they can pull it off, but the odds are stacked against them.
The casino is blah.....it use to be one of the worst downtown, now it's OK.
Return Factor - 30%