The Monte Carlo monorail used to run to the Bellagio, but it's been out of commission for a while. I think because they're putting in the citywide monorail.
There's a monorail that runs from Luxor, Mandalay Bay and Excalibur.
As far as cheap rooms, get a player's card and track your play. Usually, that qualifies you for a casino rate on the room (not too useful this trip, but good for next time).
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"We must have waffles. We must all have waffles, forthwith. Oh, we must think.
We must all have waffles and think, each and every one of us to the very best of his ability."
-- Professor Goldthwait Higginson Dorr, Ph.D.
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