Reldude,
If you guys are 21, try to stay at the Hard Rock. I guarantee you'll like it. The week between X-mas and New Year's is traditionally one of the (slowest, and hence) least expensive times to visit Vegas. I would guess that the Hard Rock would at least be able to match Mandalay's rate. But even if you don't stay there, be sure to go there one night just to check it out. You won't be dissapointed. Just be sure to bring your I.D.s, because no casino checks I.D.s as much as the H.R.!
-MJ