We went to Ely on Memorial Day this year. We weren't planning on staying, but it was a white out blizzard on that Sunday. We stayed at a GREAT hotel out side of town; has lots of old Nevada memorabilia and the slots are ok. I'm a VP player and it was ok. This hotel is PAST the Hotel Nevada. Stay on that main road and no more than 3 miles out of downtown you'll see it on the left its the Prospector Hotel. EXPECT SNOW. We'll we didn't the last of May and we were stranded. Lots of mountain switchbacks en route to Ely from Fallon/Reno; not as many from Vegas to Ely. But get a truck or 4WD and go slowly; not much room for error, esp in the snow.
Elko has NOTHING. Fallon is nice. The Lincoln Highway (Rt 50) is the Lonliest Highway in America and you'll be on that if you're going to Ely from Fallon. There is a Pine Co museum between the Prospector hotel and downtown. You'll enjoy it and admission is very cheap. Takes about 20minutes to go thru. There's a nice diner on the same side of the road (Rt 50) as the Prospector; food is wonderful. One of the casino/hotels downtown is a rebuild of the old jailhouse there in Ely its very cool. The jail cells are private dining areas, now. Look at all of the old casinos in town, they're really cool. All of them have historic Nevada memorabilia in them, everywhere. I think you'll enjoy the town, esp if you don't stay in the old hotels, lol.