I've done the "stay in other hotels" route when I first started going to the shows - mostly because I waited to late to get a room at the Venetian and they were sold out so it wasn't really a choice and it blows!
It's a 15 minute walk from the front door of the Venetian to the floor alone - add in the walk/ride from a different hotel on top of that and while that might not seem so bad in the morning when you're just waking up - at the end of the day after you've been on your feet all day - it sucks. If you have to take a cab, then the cost of the cab has to factor into any $ savings staying at a cheaper hotel might cost.
For me, it's more conveinent to stay at the Venetian. Don't forget, that while being in Vegas is pleasurable - this is a business trip. The rooms in the Venetian are spacious and quiet and you can have a meeting in your room and get things accomplished without a few of your guest having to sit on your bed.
Go through the "I want to experience new things and experiences" routine and take a vacation some other time/trip to Vegas
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