You don't say why your choice is between these two particularly, but you should know that getting around on the strip can be difficult. Hotels that look close are actually a very long walk apart because the grounds and buildings are so huge. Someone said "5 minutes" and someone else said "walking distance", and believe me, not even in a taxi can you get there in 5 minutes because traffic on the Strip is terrible. If you want the central location, I can recommend both Bally's and Flamingo as being both nice but moderate in cost. I've heard Luxor is also in that category. To get around, it's easiest to drive and use valet parking, use taxis, or use the trolley that goes all the way up and down the Strip. The Las Vegas monorail is another possibility. See the links below for lots of information.
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