The place is just okay. Nothing spectacular. The decor is dated, the menu is dated, the manner in which they serve (carts? Really? Table side salad service?) is dated.
I contemplated on whether or not this is okay since it is Vegas. Vegas has a history and the Bally's Steakhouse is part of it. However, I do not think that excuses this place. It is fine to play up your history, but using that to excuse the lack of an updated menu or decor is unacceptable.
The food was okay. I would have been very upset with my meal had I paid full price, but I had a Groupon so I did not have to. A $30 dinner is fine. Had I paid the $58 dollars on the bill, not so much.
I understand this place is set to close its doors, and that is really too bad. Given the location and history, I believe it could have been a viable option for dinning on the north strip, especially considering the competition is high priced venues such as Picasso at the Bellagio.
I think I would still recommend people give the place a try before they close the doors, if for nothing else to be able to say you dined at a resturant frequented by Liza Minelli and Frank Sinatra.