Las Vegas New Years Eve w/no Hotel Reservation, ok?

Thinking of going to Las Vegas for New Years Eve but skip the hotel reservation for 12/31. Is this possible? I mean has anyone actually tried that? Party all night & then check in say at 12pm for a 1/1 booking (where the price is cheaper)?
Update: check in 12pm on 1/1/2011 (staying the night on 1/1 leaving 1/2/2011)
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