Cheap, cheap cheap, says Betty Bird.
Allegiant Airlines has been our go-to Las Vegas airfare/lodging package. In January, I booked our winter package for $250 pp which included roundtrip airfare from Monterey Airport (see my review) and 2 nights at the Wynn's Encore. That is insanely cheap!
Today, I purchased our summer packages for $300 pp for the same deal (Wynn's Encore). If you opt for a lesser-priced hotel resort (e.g. Excalibur, etc.), you can get the packages for under $200 pp. Yes, it's that cheap.
Just be mindful of the fees (like extra bags, priority seatings, and insurance) which can add up if you don't know what you're doing.
I highly recommend, worth the drive to Monterey to save a few Benjamins.