The link has the promotion code bellagio.com/d139dm

The website would show you a Lakeview room, at the promotional rate (no upgrade required).

However, for the period we're both looking at, there are no more lake view rooms left

I ended up booking via Amex Platinum for $149 for a standard room with possible upgrade on check-in.

I guess the rate was either way too good and Bellagio will be full of FT'ers or everyone is trying to avoid the constuction (which someone said wasn't bad).