Me and my friend only had one day to see Vegas. The Rio is just off the main Vegas strip which pulls the price down slightly, which makes it brilliant for backpackers who are on a limited budget. It has its own casino and great entertainment. It also has rooftop bar called the VooDoo Lounge, it has an amazing view of the vegas strip from its rooftop terrace.
When you've had your fill of the amazing views and the nightlife at The Rio you and easily get a cab in to the main part of the strip from outside the hotel.
Definitely stay there again if going back to Las Vegas.