Paris is connected to Ballys. Next to Paris is the Alladin. Both of them should be reasonably priced. Also Alladin is owned by Starwood (the W, Sheraton, Westin, etc) so if you are a member of starwood and have points you can use them towards a room in Vegas on the strip.
Bellagio is across the street and within walking distance of the show. A bit more expensive but a nice place to stay.
When booking your rooms keep the proximity of the hotel in mind, you may end up spending $100's in cab fare if you stay far away from Bally's. I just got back from vegas this weekend and easily spent $200 in 4 days on cab fare.
In Vegas everything looks close but its really not.