When I think of the new crop of Strip hotels, I think of Mandalay Bay. The gaming area is spacious - or maybe it just seemed that way in these recessionary times. I played some craps and one hand of blackjack before and after dinner at the House of Blues. That's another thing, they have their very own House of Blues, which is a good venue for live music.
Mandalay Bay is a bit more massive than lavish, but seemed to be a pretty good option if you wanted to stay on the Strip.