$200 will get you something in just about anywhere, but I will take it as a sign that they aren't too worried about 2:1 deals and specials etc...
PoncyJoel Robuchon (MGM) always gets a mention, but is actually $$$$$$ and you could easily rack up $1500 for two.
L'Atelier (MGM) is next door and gentler priced, still prolly going to top the budget tho. Sitting at the bar (rather than a conventional table) you can see the industry of the kitchen first hand. Prob better here to pick off a la carte rather than degustation menu. Often fully booked, but you can usually walk in and make something happen.
Guy Savoy (Caesars) also toppy on budget, I've not been there either, but reports are good ~ $250pp without drinks.
é @ Jaleo (Cosmo) Needs planning to get a reservation
Picasso (Bellagio) prolly best value tasting menu in town
SteaksStick to 5* hotels and it is difficult to go wrong.
The differences between the top ones are miniscule and often comes down to how reserved/rowdy you want to be and/or how much you care about starters/salads/sides. All the steak is going to be great.
My favs, in no particular order are:
Carnevino and Cut (Palazzo)
Strip House (PH)
Jean Georges (Aria)
STK (Cosmo)
Botero (Encore)
SW (Wynn)
Doesn't seem worth the effort to go to the Mortons/Ruths Chris chain type places as you usually have to venture off strip to get it, they aren't any cheaper than the 5* hotels and you can have them in any US city. The cheaper Vegas hotels have some reasonable steakhouses I wouldn't put anyone off on a tighter budget, but for $200 all ^^ those are in range. Expect $60 for a large steak, $15 for each side/salad/starter and whatevs on booze.
Eat until you shitOK, I may have been struggling for a title... but 2 places spring to mind. Forget about buffets.
Fogo De Chao (offstrip) and Texas De Brazil (Town Sq)
Both Brazillian churascuria/Rodizio type places, tasty and borderline healthy salad bar to start with, then lots of skewered meats brought to your table until you tap out.
Chinese/ThaiChinese can be very expensive in Vegas, for not particularly great food. Lemongrass (Aria) is reasonable Thai, Chada Thai (off strip) is much better. PF Changs (PH or off strip) will give you the basic Chinese offerings at a fraction of the price of the 5* hotel alternatives.
Random shout outsMilos (Cosmo) do a lunch special that is unbelievable value, 3 courses for something like $20.14
Holsteins (Cosmo) is the best burger bar
Jaleo (Cosmo) and Julian Serrano (Aria) for tapas
Mundos (off strip) for Mexican that isn't Tex-Mex
Sage (Aria) for something different, when you can't face another steak.
Fiamma (MGM) for Italian. Venetian has tons of Italians, nothing wrong there, but they often feel like you are eating in a shopping centre. For off strip Italian retreats, I like Noras (bustling family business type) and Brio (more plastic, but a welcome refuge from slot machines and good bars nearby for afterwards)
Society Cafe (Encore) for great lunch options
Tableau (Wynn) for posh breakfast
Think that should do it for now

I might do a more budget-conscious version later.