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What about one of the extended stay places?

This one is a bit south of town, and the exterior is cheesy. But the suites look nice enough and it's around $300 a week. With a kitchenette, you can pick up some stuff at the grocery store and save on meals.

http://www.manorsuites.com/

I'm cold natured, and freeze in the AC a lot of the time, but the thought of trying to sleep in a car in an LV parking garage in June makes me break into a sweat.

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can you give names (links?) to any other cheap/lesser known hotels on the strip or close to the Rio?

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Palace Station. I'm staying there next week for $40 bucks a night booked through Travelworm.com. It's about a five minute ride to the Rio.