Please help me to choose between these two. Currently they are in the same price range. Location, convenience and quality are the factors. We plan to relax by the pool first part of the day and explore whatever the city has to offer in the afternoon and night in 3 days, excluding gambling. Also we will be going to Ceasars and Bellagio for shows at night.

I've stayed at Ballys twice and both times I swore I would never stay there again. The rooms are mediocre unless you are in the remodeled section but the hotel overall is a let down. The pool area is unpleasant and the monorail runs right next to it.
I would choose the Monte Carlo. I don't know if they have the tram working between Bellagio and Monte Carlo, if they do this would be convenient to get back and forth for the shows.
The pool at Monte Carlo is by far more relaxing and landscaped better. Basic rectangle pool at Ballys.

I agree with tudorprincess, except that the last time we stayed at Bally's in December was SO disappointing, I will definitely never go back there.

I don't know about the Monte Carlo, but we've stayed at the Mirage and they have a very nice tropical pool area.

The Monte Carlo is nice if you want a nice, low-key type hotel. I stayed several years ago and would definately view it as a viable option if my wife's beloved Bellagio Hotel was unavailable. My parents often stay there and they like the fact that it is one of the few Vegas hotels where you can check in and get to your room without needing to navigate through the crowded casino with your bags.

If the tram is running, Monte Carlo is an easy connection away from the Bellagio. However, even if it isn't, it's really not that long of a walk to Bellagio and Ceasar's. But, Bally's will certainly be more convienient in that respect.

A different opinion - I've stayed at both hotels and at Bally's several times. It has always offered me clean, well kept rooms that are, I might add, larger than most other hotels. The pool area is just average and inferior to MC. The strip location - especially if you wish to explore and have evening plans at Bellagio and Caesar's - is exceptional.

The trams mentioned in other replys are not operating. A new LV tram system was supposed to be running as of last month but was expereiencing technical difficulties.

Go with MC if a nicer pool is a priority and Bally's if strip location is preferred. I also enjoy MCs casino area.

I am a big Monte Carlo fan vs. Bally's

The other posters have already talked about the pool situation. The MC casino is far superior IMHO, brighter, newer, friendlier. Rooms are much better. Out the door to the strip is very close. I agree that Bally's is more convenient to Bellagio and Ceasars but I really like the Tropicana intersection area. Ceasars would be quite a hike from MC...doable but longish especially during a summer visit.