There are several possible answers to that question.

For instance, the casino bars at Mandalay Bay are a good spot for hanging out and making an impromptu hookup- but it's also at the ass end of the Strip and far away from everything else, so be prepared to be using a lot of cabs...

Strip locations are OK for things like monorail access to some other Strip hotels- but not as much so if you are driving (there are traffic jams on the strip at midnight on weekends. Seriously), and this is only true for SOME hotels (I've tried going from the Venetian to Mandalay Bay using the monorail and the Luxor/MB tram. It's almost faster to walk, because you end up walking through so many goddamn casinos, making stops, etc.) Bally's, Paris and the Flamingo are good, centrally located on the Strip and nice mid-range options.

That being said, if you're doing outcall, a location that's close to the Strip, but offstrip, like the Orleans or Gold Coast, might well save you enough more than enough money on the room to make up for the extra cab fare you pay. So knowing your budget's kind of helpful too.

If you can afford le swank for your incall, theHotel at Mandalay Bay (this is a separate tower from the Mandalay Bay itself, and they have their own reservation page on MB's website) would be wonderful rooms to do incall to, as they are full suites (not pseudosuites like the Rio, the Wynn or the Venetian, that are one big room)- you can offer a seat and a drink to your gentleman caller on the living room couch while you "slip into something comfortable".

Something you might look at is Travelaxe for comparing prices and getting information:

http://www.travelaxe.com

(The catch is it's a Windows-only app, sorry)

You can run comparisons on prices there, look at hotels on the map, screen for certain star levels and so on. It's really handy for planning Vegas trips- quite often you can find a hotel that's considerably less expensive than others in the same class there.

Hope this helps!