Tropicana is across the street (well, sorta. More across the street and down a couple blocks) Trop has Garden Rooms that go back to the 40's and 50's and are more "motel" style. The ones on the inside overlook the pool area, which is nice. They are the cheapest rooms they've got and I don't think they're that bad if you're used to motels (as opposed to hotels). If you want something nicer, their towers are good, especially the front tower.
San Remo is around the corner from Trop and across from the back of MGM. It'll be a hike to MBay, but should have cheap rooms. They have a pretty decent sushi buffet too.
Then there's Excalibur, connected by a monorail (one that works, unlike the new one) to Mandalay Bay. The rooms aren't bad, but no bathtub/shower combo. Just a shower stall. But this hotel is always crawling with kids. Beware!
If you want to spend a little more, Luxor, Monte Carlo and NYNY are all within easy walking distance and are all decent hotels with nice amenities.
Or I think the Glass Pool Inn, across the street, is a hooker hotel now if you just needed a room for an hour.
