Looking for a restaurant on the strip for a group - inexpensive
I would consider one of the many burger options: Burger Bar in the Mandalay Place, Holstein's in the Cosmo, or one of the others. I'd also consider Shawn McLain's new pizza place in the Aria: Five 50, I believe it's called.
There is also a Maggiano's in the Fashion Show Mall (so on the strip) that might be able to be done for this price.
To keep to that budget, I would say the big issue is drinks.....