Where the $200 goes
Room $110 midweek at somewhere legitimately good (Aria, Cosmopolitan, Vdara off-peak, Peppermill Reno, Hyatt Incline Village shoulder season). Food $60 — one nice meal plus a cheap one, or two mid-tier. Activity or entertainment $30 — Cirque ticket in the cheap seats runs $80, but a Sphere show, a pool day, a Red Rock drive or a downtown gambling stake all fit. At $200 you eat a $45 steak at Golden Steer, drink a proper cocktail at Herbs & Rye, catch a show and still walk away.
What to spend it on
Prioritize a pool day at Encore Beach or the Cosmopolitan Boulevard Pool ($40 to $80). One good dinner beats three mediocre ones — Esther's Kitchen in the Arts District, Lotus of Siam for Thai, Raku for Japanese. See one show — Absinthe at Caesars is the current pick, or O at Bellagio if you want the classic. Take one full day out of the city — Valley of Fire, Hoover Dam and Boulder City is a $50 rental car and a lifetime memory. Skip the $300 club table for two — do a $40 cover and drink at the bar.
Good to know
Is $200 a day enough for a couple or per person?+
Per person is comfortable. For a couple, $300 to $350 combined works if you share rooms and split rides.
What if I want to gamble too?+
Set a hard bankroll — say $50 a day — separate from the $200. Do not touch food or room money for the tables.