As a person who can pretty much call Vegas his second home (I literally own properties there and I've been going there several times a year for the past 20+ years)--you can definitely enjoy Vegas for a decent budget if you plan accordingly. First of all--if you aren't a big gambler and get no real love from perks of players cards--staying at a strip hotel can be very expensive once you pay taxes/hotel fees. Standard rooms tend to be small and most do not have refrigerators or microwaves. This basically means that you will most likely be paying hotel prices for a lot of your snacks, bottles of water, alcohol and other types of vacation necessities. These "hotel prices" quickly and quietly eat up money. One way to avoid being handcuffed to hotel prices is to stay in places that free you from those burdens. I've mentioned it several times in this thread before--people really need to consider staying in the timeshare type resorts. Places like the wyndham grand desert, the hgvc at the flamingo, the Marriott grand chateau are a few nicer ones. Places like polo towers, carriage house and the jockey club are a few older but more affordable ones.
The keys to places like this is that they generally are more affordable, they are nicely located--and they give their guests a far better opportunity to control costs. Because most rooms have kitchens or kitchenettes--you can load up on a case of water, cases of beer, bottles of alcohol and mixers, snacks--all with one trip to a grocery store. If you go to a regular grocery store like Smiths (there is one right off of Sahara)--you will find that grocery stores in Vegas are really cheap. Right off the bat--you are no longer handcuffed to paying $5 for a bottle of water or $10-12 for a single cocktail at a bar. I have to tell you that paying hotel prices for small stuff like that just contributes to an overall feeling of being "ripped off". Heck--when I go to vegas--I try to limit myself to only going out to a restaurant for one meal per day. The rest of my meals/consumption I do via the grocery route. I get a dozen eggs, various fruits, a loaf of bread..etc.
Now--I'm not a big gambler--but I do enjoy gambling. One thing that I do is this: If I am in a gambling mood to where I want to gamble for a few hours--I never do it on the strip. The strip is guaranteed millions of tourists every year. They have no reason to keep the games/machines loose. When I feel like seriously gambling--I limit myself to locals resorts that rely on people coming back for repeat business. I find that their players cards are far more generous, most offer lower limit tables (try to find a 5 or 10 dollar double deck blackjack table on the strip on a Saturday night), and I find their machines to be far more loose. With that said--I will casually gamble on the strip--but I give myself a strict budget and implement a "no ATM machine policy" on myself. For example--when I gamble on the strip--i'll sometimes do a no limit poker tournament at a place like Planet Hollywood. They have $80 buy in tournaments a couple times a day--and because I'm not a super reckless player--it's very rare that I don't last at least a couple/few hours. For me--thats plenty.
One of the biggest things that most people unconsciously enjoy doing in Vegas is people watching while walking down the strip. I absolutely love doing it myself. The key to doing Vegas right is understanding that enjoying the strip does not require making each and every purchase on the strip. In vegas--you are allowed to drink in public on the street. This doesn't require having to buy your drinks at some overpriced restaurant or casino bar on the strip. You can pour your own big, high quality drink in your room--and bring it down onto the strip and enjoy yourself just the same that people who are spending 20x as much as you are. If you can save money on your room, control the massive peripheral costs that are generally associated with staying at major strip resorts, budget your gambling--you can splurge on things like shows, nightclubs, one or two meals a day--and not feel "ripped off". For me--actively participating in things that help control costs while not limiting fun in Vegas is why I enjoy going there so much. I literally go there--have insane fun like everybody else does--but I rarely ever come back feeling ripped off or guilty about what I spent.
If you go to Vegas and stay at a major strip resort, pay typical room costs and resort fees, pay typical resort prices for incidentals+snacks+alcohol, eat 3 meals a day at resort pricing restaurants, gamble a lot on the strip, on top of paying for show tickets+entertainment (night clubs, day parties..etc)--it's very hard to not feel ripped off.