Really, this is an average youth hostel - emphasis on "youth." Nothing to shout about, but it's not terrible either.
I stayed here a year ago with my (same gender) partner, and we were treated very nicely by the staff. We had a private room with a private bathroom.
My partner is a picky sleeper, and he found the bed to be adequate to his needs. The room (on second floor) was located well away from the noisy area downstairs.
They provide blankets; bring your own towel. In the winter months, it can get cold; I don't think the rooms have heaters.
Note: be sure to bring your Student ID (need not be an ISIC card), it's required!
The neighborhood is not great; that is true. On the same street as the hostel, in between the hostel and the Strip, we watched a burglar running from police. In terms of safety, I made sure not to carry valuables with me when walking from the hostel to the Strip.
A few good things: 1. there's a bus stop one block from the hostel which will take you to the airport. It costs about $2.
2. There's a message board where you can connect with other guests. Through it, I found people who were renting a car and wanted to check out outlying areas of the city.
3. There is paid internet access, and all-night kitchen access. (Don't store your food in the kitchen though - it's a free-for-all.)
4. If you're looking for a cheap private room, this is the cheapest in the city for Fri-Sat, which is when the budget hotel-casinos raise their rates $20 or more. Otherwise, if you look online a month in advance, you can find equivalent deals on a regular hotel room around The Fremont Street Experience and slightly closer to The Strip.
5. If your main objective is interacting with other people, you can find opportunities at this hostel. There are benches in the kitchen where world-travellers (twentysomethings) commiserate.

This hostel was reasonably clean (2 couples staying in a room with 2 queen beds and an ensuite). Bathroom was clean. We stayed 2 nights, and there was no hot water on the second night :( Sheets were clean. Beds were reasonably comfortable. Take your own pillow if you can. having TV was good. All you can eat pancakes was ok, but the kitchen was dirty and the stove top didn't work properly. We had a car and the car park there was good and secure. It was very noisy - music blaring until 11pm, plus noisy people staying there. Take ear plugs. Too far away from the Strip - we had a car and it took us about 15 mins to drive to north end, and 30 mins to drive to south end. You're better off paying a little extra $$ and staying closer (which would give you ability to go back and forth to your hotel if you wanna rest those legs). Location is a dodgy area. Didn't feel safe in the area. Felt mostly safe once in our room. Laundry was scumy and someone needs to replace the ironing board cover which was burnt out and had a huge hole in it - don't bother wrecking your clothes by using it. Overall, an okay stay. The main annoyance was the dodgy area and being too far from the Strip.

Whatever you do dont stay at this hostel!! You can get the same if not better deal at a place on the strip. They make it seem that this hostel is close to the strip but its not!! Its a 30 min walk to the bus then a very slow hour ride in traffice to any of the good places on the strip.. and if your going at night forget it!! this is one of the most dangerouse neighbourhoods in USA even our taxi drivers were asking us if we are crazy and did we know how dangerouse it is around here... on 3 ocassions i saw police at the hostel while a hosteller was reporting a wallet stolen or being mugged. twice i saw crazy drug addicts getting arrested across the street. As well as inside the hostel 2 different people told me about their things being stolen and after video survalience showed it in one case the staff would do nothing to help the hosteller. As for some of the staff they are the rudest people i have ever met i was yelled at to shut the [---] up while on a tour that i paid for!!! and also was told to go to my [-----]room. Everytime i went to ask questions to the staff i was made to feel stupid for asking them. From what i hear the hostel used to be amazing but as the ownership has just changed in the last few weeks its gone down hill all the good staff were quiting and being fired while i was there. I know it sounds nice with the pool and hot tub and free bbq but they have those because once people see where they are they are afraid to leave. you can have a pool at any of the places on the strip for the same price!! not to mention the rooms were dirty, we had cockroaches constanly in our room. This was the last stop on my trip and it totally ruined my vegas experience. dont be intimidated by the big names of the luxor, mgm grand, new york new york during the weekdays they are almost the same price once you count the cost of your taxi to and from the hostel, plus its not worth the trouble of being mugged, or worse.

I have now been travelling for over 8 months & this is without doubt the worst hostel I have ever stayed in.
And why you may ask?

Well, my dorm room was disgustingly dirty. From when I arrived until I departed they never vacummed the floors & there was rubbish & dust strewn throughout the room.

I had bed bugs in my bed that bit me all over my body at night.

The Hostel is situated a long way from the Las Vegas Strip. And in a very dodgy neighbour of crack dealers, pimps & hookers & some very scketchy & scary people. Infact it is not safe to walk around the area at night.

Also the hostel had no atmosphere.

So, if you have a little extra money to spare, locate a better deal & stay at a hotel closer to the Strip where you can enjoy your stay.