The strip is way too over-priced for locals. Even the bars at Imperial Palace charge $8 for a cocktail. That's why Casino Royale is such a great place to swing by when you're on the strip and showing people around. $2 cocktails! If you enjoy drinking, and people watching, definitely swing by Casino Royale, and pick up some double drinks.
Even their ATM here is reasonably priced. I think the service fee is only $1.50.