I'm not a huge gambler and I've probably been there 10 times. I may spend 2-3 hours day gambling (small change). The drinking is good, the shows are good, the dining is good, the shopping is decent, the pools are nice, you can walk down the sidewalk drinking a beer,people watch, the weather is better this time of year, etc. I try to do something different every time. Last time it was visiting Valley of Fire and shooting machine guns.
Yes, there are more things to do in a place like NY but I have a lot more to do in Vegas than I do in a place like Chicago, Minneapolis, KC, etc. and the I spend about the same amount. A lot of times I can't get hotel rooms comped or for $29 that would cost me $250 in Chicago and $400 in NYC.
Even after all of these times, I still feel a little rush getting off the plane in Vegas.