Can't tell if you want to pay $500 for the stay or $500 per night. If $500 per night, you can stay anywhere - go to Bellagio or Wynn and knock yourself out in a suite.
If $250 a night, there are still several good alternatives according to
www.kayak.com.
The Westin Casuarina is $190 - not a wacked out casino hotel, but its location puts you in the heart of true Vegas - Bellagio, Caesars and Paris all an easy walk.
Bally's is $245 and the room is probably equivalent to Luxor, but it's again at center Stirip right across from Bellagio.
Platinum is $226 - a new condo hotel, so the rooms are huge and much nicer than a typical hotel room. It's about a block off the Strip, similar to Westin.
New York New York is $210 and for a true Vegas experience, I'd vote for it over Luxor. It's also closer to center Strip. Park Avenue rooms are newer and a bit more; Broadway rooms are bigger and a bit more but still under $250 a night.
MGM is $240. I'm not a fan of this over-sprawled hotel - you can do better with options above.