I've done the Vegas thing a few times for NYE. Here are a few notes / ideas:
1. Hotel prices start out astronomically high. I mean VERY high.... with three or four night minimums. Then, as NYE draws closer, the prices begin to drop.
2. I've had luck using Hotwire and Priceline on NYE. Once three days before NYE (got a non-strip hotel for $60 a night) and once in September, suprisingly, when I saw that Hotwire was offering a 4* hotel "east of strip" for $55 for new year's eve night. So I bid on it and "won" the Hard Rock Hotel and Casino.
3. Whatever your plans are, get where you want to be before 5 pm. After that, they begin to close down the strip and traffic becomes a nightmare. So, if you want to be center strip, get to center strip by 5, etc. Likewise, do NOT plan on being able to move your vehicle until the next morning. I've walked back to the Hard Rock Casino at 2 am because you literally couldn't drive two blocks in traffic in an hour. Keep your car in a casino parking garage and walk wherever you are going.
4. Go have dinner and see a show (and yes, there are discounts even on New Year's Eve for many shows on travelzoo and broadwaybox -- especially the 7 pm performances!). Don't worry about rushing onto the strip to "claim a spot" for the fireworks. The street itself on the strip (Las Vegas Blvd.) isn't open to pedestrians until around 10 pm (the sidewalk is open, of course, but around 10 pm they open the street to anyone wanting to walk up and down it since there is no traffic). It is busy on the strip but is NOT crazy -- at 11 pm I've walked from MGM Grand all the way to the Bellagio at a fast pace. Yes, there are lots of people but it isn't wall to wall.
5. Make sure to see the midnight fireworks on the strip. I've had great viewing by Mandalay Bay, MGM Grand, Caesars and also by the Stratosphere.
6. There are many many options for doing NYE parties in Vegas. These include concerts by many well known performers, special performances of shows that last past Midnight, pool parties, etc. Generally, I avoid these because they are very expensive and I'd rather have fun with one million of my closest friends on the strip itself.
7. Do not expect it to be like New York Times Square if you've ever been there. In New York, you get herded into a "cattle pen" with hundreds of other people and once there you can't get out without losing your spot. In Las Vegas, the strip is just open and you can walk wherever you want.
8. Food prices can be astronomical and reservations hard to come by. Because of this, I tend to eat at a buffet or at Earl of Sandwich or at the Grand Lux Cafe or something similar.
9. Unless you look like a homeless bum, you can get into any of the casinos at any time of the day / night (although you won't be able to park in their parking garage after around 5 pm). Just look nice. The ONLY casino that I've seen with security guards out front was the Bellagio and they just let everyone walk in except for the totally drunk.
They want you to spend money.
Hope you have fun!!!!!
Just be flexible, have a hotel close enough to the strip that you can walk to it from wherever you are at when midnight hits, and enjoy!!!
Robert