As you are staying in the Bell Channel Inn, you can get a deal for hotel/diving with Caribbean Divers, the onsite operator. They are small and don't offer nitrox, but they're very cheap on multi-day package deals.
Although the Bell Channel Inn is a little rough around the edges, its not a bad place to stay. The small onsite restaurant is not bad and has a small bar which has a decent happy hour.
You will probably want to take a cab or bus over to Port Lucaya Market Place (although we walked it a couple of times) Thats where the party is at night at the square and many good bars and restraurants and shopping.
If you want to gamble, you've got to take a cab to the Interanational Bazaar near Freeport. It is another shopping/bar and restaurant area, with an adjacent casino.