Where to stay in Fabulous Las Vegas?

Depending on your budget I would recommend the Harrahs properties on the east side of the strip, right in the middle. Ballys would be a good choice and IP if you want to save some money. Avoid the properties that charge resort fees. Also stay on the east side of the strip for convenient access to the monorail.

You can purchase a bus pass for $7 for 24 hours. It's a double deck bus that goes up and down the Strip. This would enable you to stay at virtually any hotel on the Strip, giving you a lot of choices.

The "trams" only go between some certain hotels. For example, there's one that goes from Excalibur to Luxor to Mandalay Bay. And there's one that goes between Mirage and Treasure Island. The trams are very limited.

There is also the Las Vegas Monorail. It stops by MGM (I believe), Bally's, Flamingo, Las Vegas Hilton and Sahara. I don't think that would be as convenient as the bus, even though the bus gets a little crowded sometimes. You can, however, research the Monorail more online.