buffcoat mentioned considering the 2BR Skyline Marquee Suites at MGM. (
http://www.flyertalk.com/forum/las-v...-skylofts.html ) - don't know what he eventually chose, but guessing he hasn't completed his stay yet.
Vdara has very inexpensive 2BRs (they even have two-floor 2BRs), but no casino. A friend booked the single-floor 2BR for under $300/night once, though it might have been a promo rate due to gambling.
Both Mandalay Bay and Mirage have relatively cheap 2BRs. The Mirage has the 2BR "Tower Suite" that
DenverBrian mentioned, as well as the 2BR "Penthouse Suite". The problem with these is that they're really just 1BR suites with adjoining rooms, so one couple would have to stay in the smaller basic guest room (which also has a much smaller bathroom). Seems awkward. You should also be aware of this problem when looking at 2BRs in general at other properties (for example, Bellagio sells 1BR Penthouses with a connecting room - even though they also have a full-fledged 2BR Penthouse).
The cheap Mandalay Bay 2br is the "1500 X2" suite, also known as the "extra bedroom" suite. Here one of the bedrooms is a little smaller than the other, but certainly not to the extent as at Mirage. I think this might be the best choice for what you're looking for.
I usually stay at the Cosmo, so when I'm looking for the layout you're describing, I add on a Terrace 1BR connector to the Terrace Wraparound that I usually stay in. The 1BR still has a decent-sized sitting area and bathroom so avoids the feeling of one room being much "worse" than the other. Since there's such a high supply of Terrace Wraparounds, prices for this combo are very much demand-based - so the price really depends on when you happen to be staying. For example on some summer weekday you could probably see this combo for around $500/night whereas EDC weekend it's probably closer to $2000.