Over the past few months Jest Serendipity has expanded and moved into its own place at the Las Vegas Art House Theatre. The crew has really improved over the past year and seems to be moving toward creating its own identity beyond its college troupe beginnings.
Price of admission is quite affordable at $5 and you get well over an hour of non-stop improv entertainment. The show structure hasn't changed much. Two teams of three (red team and black team) with a "referee" serving as show emcee. The asian dude is hilarious.
If you want cheap, live entertainment whilst laughing you definitely want to check this group out. I usually go to the 7pm Sunday show. So basically your only other option is to watch Andy Rooney complain about something on 60 Minutes. I've heard they also do a 4pm show on Sundays too but I am not 100% sure about that.