Went in 2008. Great time. The expenses paid vary by league operator. Ours paid for tournament entry fees, hotel, and plane tickets. We stayed across the street from the Riviera at the Circus Circus. Its a family oriented hotel with things for kids to do. We arrived at night, but the tempeture was still 95 deg! But its a dry heat! Lol. During the day it was 108. Obviously you will sweat, but you clothes will never get wet. The humidity was 5 percent and it evaporates as fast as you can produce it. It was only a 4 minute walk across the street to the Riv.
A rental car would be a plus. There is so much to see and do. Cabs would end up costing more. The old strip (Freemont St) is a must to go see. Street prrformers, stores, the Gold Nugget, the l.e.d. overhead show, its all pretty cool. Even if you don't gamble, you will need extra money for tips, food(the buffet at the circus circus is very good and reasonable), sometimes vallet parking, etc. The wife and I spent 500 or 600 for the week but we set a gambling budget that was included. You can also go to a local supermarket and buy a throw away foam cooler and ice for lunch meat and such for lunch. cheaper then eating out every time.
The captains wife knew her way around Vegas well. She goes there several times a year for her work. If none of you have ever been there, study the lay of the land very carefully. At night, there is so much distraction (flashing lights, signs) its easy to miss turns or get in an accidents.
With carefull budgeting, you can get by relatively cheap and still have a good time. Enjoy the experience. I will say after a week, we were done with it, and ready to come home. The overwhelming atmosphere of Vegas wears off at that time. Would like to go back someday though.