The Mandalay Bay is located on the southern end of the strip. The hotel more south than this is the South Point. Between that, is the infamous Las Vegas sign.
The hotel is home to the Michael Jackson One Cirque show, shark reef, and even has their own shops that also connects to the Luxor hotel. They are well known for their awesome wave pool. There's a beach as well but I honestly didn't experience it.
If you have young children definitely take them to visit the shark reef. There are so many aquatic creatures and they are massive!
If you are thinking about visiting the pool I suggest going early so you can find a spot to sit. Sometimes it can get a little crowded.
The only downside is that if you are planning to walk the strip it's a pretty long walk. They do offer a tram that will take you to the Luxor and Excalibur and back. Further than that, you're going to either walk a lot or need transportation.