The new Sheraton just opened, and you can sometimes find a good deal for around $800 HKD a night. Check
this page for deals.
If you can't find a deal and just want to stay around the cotai strip, the best deal is Holiday Inn by far. It sounds like a ghetto hotel, but it was originally going to be a fancier name originally (Shangri-La, IIRC). The franchise fell through somehow, and it became a Holiday Inn. It is cheaper than the Conrad next door, but a nicer hotel
Personally I like to stay at the Westin, since it is nice and quiet, and away from the noisy/smoky casinos.