My only concern with walking would be the crowds. One NYE, I left from the Bellagio, where I watched the fireworks, to my hotel, the Westin. Normally, that shouldn't take very long, but it took forever to navigate the crowds and dodge the detritus on the streets. Another year, I went from the Monte Carlo to the Bellagio and back on NYE, and that took far longer than normal.

I imagine that once I get off the strip, things should be fine, but that will depend on where I start. I was considering attending a performance of Love at the Mirage. It looks like Flamingo to Paradise would be the way to go if I walked.

I looked at the transit re-routing they did for the Las Vegas Marathon, and if it's similar for NYE, I may be able to catch a bus on Flamingo to Paradise - public transit is free on NYE, so this may be an option.