I don't know much about Monte Carlo so can't compare it with other properties. You could also consider Planet Hollywood for a central location at under $60/night; that's where most of my buddies stay when they come into town and the rooms I've seen seem reasonably nice. Your visit is during a very slow period for Vegas so most rooms should be inexpensive - you should have lots of choices.

I do agree that first-time visitors should stay on the Strip and at a property that has gambling.