if you're going to tour the city, i wont recommend the venetian because malayo masyado. sayang ang time and taxi fare going back and forth. but if you're going to play sa casino lang naman, or if you intend to stay at the hotel most of the time (which is possible because everything you'd need is there na naman), then i guess sulit sa venetian.
if you're going to macau to tour the city and won't stay in the hotel most of the time naman, medyo sayang kumuha pa ng suite in an expensive hotel. if you want a cheaper hotel, id highly recommend Holiday Inn. super affordable. on weekdays, HK$600 lang a night yung cheapest room (i booked online), so aroud 3k pesos. that room is good for 3, but if you choose yung 2 double beds instead of 1 king sized bed, pwede sya actually hanggang 4 (wag nyo nalang siguro sabihin sa front desk, hehe).
here's a pic of holiday inn's standard room with 2 double beds which i took on my first trip to macau:http://i25.tinypic.com/2la95pk.jpg
was satisfied naman kaya on my 2nd time to go to macau, i chose holiday inn pa din. sayang nga because laging 2 lang kami pumupunta, wala gumagamit nung isang bed.
good location pa... you can walk going to wynn, hotel lisboa, fisherman's wharf, sands hotel, etc etc. it's in the center of all the major hotels.
i looked for other cheap hotels in macau. some are very slightly cheaper lang naman kaya i opted to stay in holiday inn nalang, medyo mas sure ako na hindi magiging super sama nung room. hehe. =)
hope this helps! =)