Gorlak's list of expenses is pretty good, but it could be done even cheaper. I booked on the 50% off deal (which they seem to have pretty often). $35 for Weds and Thursday, and $60 for the weekend for rooms. If you gamble, even penny slots, you get free drinks, and these include lower level single malts and all sorts of fancy vodkas etc., so you can have "high end" cocktails for free. You get a $25 non-cashable casino credit on check in. My GF and I translated this via penny slots into several hours of free drinking and $20 in cash (you can withdraw your winnings, just not your original credits). There is also a VERY cheap liquor store in the hotel, and you can drink those drinks all over the hotel (didn't try this in the bar area, but wouldn't be surprised if they said nothing so long as you weren't brutally obvious). Good microbrew beer can be had (chilled!) for $1 a bottle and decent blended scotch or gin (my two drinks) for <$10 a bottle. There is also a coupon for a free bottle of wine with the dinner buffet. The free airport shuttle also saves you about $50.
Anyway, as a grad student I make <$1,000 bucks a month, and I had no problem making the most out of the South Point (my second TAM). Your dollar certainly goes further than at a strip joint. (I guess both ways of reading that last sentence are true!)