I have stayed at this hostel for 9 years. It is not in a great part of town but I have walked ther from downtown at night and it was ok. Better to take the bus. The rooms aren't the cleanest. If you area female be sure to request a female dorm. The pool and hot tub are nice but beware that people hang out at the pool at all hours and it can be very noisy. Don't be late for breakfast.
Be sure you have a passport and a plane ticket. they have changed their policies over the years.
You can take a bus to the strip but it may take 45 minutes as it stops alot. It is better if you have a car. They have a secure parking lot but it isn't very big.
you may want to try the other hostel on Las Vegas blvd. It is closer to the main strip and is cleaner.