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Ballys is very conveniently located, but is a much older casino that hasn't aged as well. It's not a bad hotel by any means, but the last time I stayed there it was a little musty, and smelled more of cigarettes than the newer casinos.
Monte Carlo is a mid-range modern hotel, with lots more eye candy and more modern amenities... It's not stupid-nice like the Bellagio or the Venetian, but it's nice, albeit slightly less convenient. Given a choice between the two I would probably pick MC.
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