LAS VEGAS -- Every year I subject myself to the torture of talking to dozens of hotel reservations agents so you don't have to. I hope you appreciate this because it's time once again for the annual report on New Year's Eve room rates.

I called almost every major hotel-casino in town, and what I've found so far is prices are running higher for New Year's Eve than they were last year at this time, which I found to be a bit surprising. It's always a crapshoot when trying to figure out which way prices are going to go, but my gut instinct says things are going to get cheaper over the coming weeks, so now may not be the best time to book a room.

As usual, the Strip is the most expensive place to stay with downtown and neighborhood hotels running at a fraction of the cost. The trade-off is that you have to travel to the heavily congested Strip area to catch the big fireworks show at midnight, which could be so much of a hassle that you may want to consider just paying the extra dough to be in the thick of things.

Of the hotels I surveyed, the cheapest rate quoted for three nights (check-in Dec. 30, checkout Jan. 2) was at the Castaways, the now-bankrupt but still operating hotel just east of downtown. The most expensive? Welcome to Caesars Palace where those same three nights will run $1,399.

The least expensive rate quoted for a hotel on the Strip was at Imperial Palace where it's going to run you $357 for the three nights, although Circus Circus, Westward Ho, and Sahara were all within $10 of that price.

Cheap doesn't always mean bargain -- you often get what you pay for in this town. The best bargain I could find was at the Las Vegas Hilton, where $434 will get you three nights, a dinner and breakfast buffet for two, two cocktails, a fireworks viewing party and more. I also thought $499 for three nights at Monte Carlo was a pretty good deal for that hotel.

Falling into the "not worth it" category would be the Aladdin at just under $800 for the three nights, Paris for $1,047, and Hard Rock, also for $1,047. Although I like each of those hotels, that's way too much money to pay to stay there.

Of the 66 hotels surveyed, 11 of them were sold-out, including Bellagio, Binion's, California, El Cortez, Fremont, Gold Coast, Harrah's, Main Street Station, the Palms, the Plaza, and Sam's Town. The only one that really surprised me on that list is Harrah's, although a similar thing happened two years ago when I was told it was sold out around early November, and then when I called again in December they suddenly had rooms.

If you average the room rates for the 55 hotels that had rooms available, it comes out to about $554 for the three nights.

If you decide to book now, be sure to ask what the cancellation policy is. Some hotels book and charge you immediately, with no cancellations allowed. If that's the case, keep looking. It's better to have your options open in case rates go down, so only book at a hotel that will allow you at least a 72-hour cancellation with no penalty.

To view the full report, click here.

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