Main problem with Luxor is that it's a 1.2 mile walk from your room to the parking deck. (I paced it off.)
MGM is even worse.
If you are going to have a car (which I assume you will being from LA) and want to use it (since you said you won't be living in the casino), you might be better off at a place just off the Strip like the Orleans, Rio, or Hard Rock (although I've never stayed at the latter).
Everything at the Bellagio is outragously priced. It's beautiful, but even the 24 hour diner's cheapest entree (a sandwich) is about 20 bucks.
If you want the "Strip" experience with reasonable accomodations and prices, I'd go with Caesar's, Luxor (if you don't mind walking), NYNY (if you don't mind the rollercoaster), perhaps Harrah's or Monte Carlo.
Also, check the prices on the site's respective websites and track them for a few weeks if you have the time before you go. Rates change like airline ticket prices--my family will watch the websites starting in February for a summer trip, and we almost always stay at the best hotels (Venetian, Mandalay Bay, the new tower at Caesar's) for a few nights and somewhere off the strip (Orleans, Suncoast) for a while for about $100/night at the nice places and $60-70 at the off-strip sites.
If you're not set on staying at the strip, I'd stay off it. You can get to your car and drive to the place you want to go in the time it takes you to take an elevator and walk nextdoor in the huge resorts.
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