This is the luxury resort that ushered in the new post-Vegas-is-for-families elegance epoch, and it was so successful that many of its attributes can now be found, in varying forms, up the street at the Wynn resort. It’s hard not to compare the two, and which you prefer will depend on your aesthetics. We give the edge to Bellagio because, even though it is not as theme-intensive as it could be, it still has some elements drawn from its charming Lake Como village namesake, and we do prefer even our resorts to have some old school Vegas silliness, however slight. In this case, it’s an 8-acre Lake Como stand-in out front, complete with a dazzling choreographed water-ballet extravaganza, plus a representation of an Italian lakeside village, while the pool area is sort of Hearst Castle Romanesque. However, don’t think this is much like a getaway to a peaceful, romantic Italian village because it’s not. But it is exactly like going to a big, grand, state-of-the-art Vegas hotel. To expect more probably isn’t fair, but then again, they tried to set the tone with dreamy, soft-focus TV ads aired when the hotel debuted. Nothing with a casino stuck in the middle of it can be that serene and restful.

But does it work as a luxury hotel? Sort of. It certainly is much closer to a European casino hotel than a Vegas one. Fabulous touches abound, including a lobby that’s unlike any other in Vegas. It’s not just grand, with marble and an eye-popping Dale Chihuly blown-glass flower sculpture on the ceiling (the largest of its kind in the world), but it’s also brave with plants, natural lighting, and actual seating. There’s also a downright lovely conservatory, complete with a 100-year-old fountain stuffed full of gorgeous, brightly colored flowers and plants, preposterously (and delightfully) changed every few weeks to go with the season (yellows and whites for Easter, for example, though we could have done without the ginormous animatronic bald eagle chicks as part of the extremely gaudy July 4th decor) — it’s one of the sweetest spots in all of Vegas.

On the downside, you still can’t avoid a walk through the casino to get just about anywhere (with the inevitable ruckus shattering your blissful state every time you exit the elevators from your room). At least the casino is laid out in an easy-to-navigate grid with wide aisles. (Tip:  Black floral carpets indicate the main casino paths.) Another downside is that there are hidden charges galore, such as a pricey fee for the spa, another one for poolside cabanas. The rooms are quite nice, better than ever thanks to a recent redo that changed the colors from the usual resort-sand to a more cosmopolitan look with handsome sage greens and dark woods, but given the relatively puny size, it may still not be enough for the price. Having said that, you can find deals on Bellagio’s website, depending on day of week and time of year. Furnishings are plush (good, cushy beds with quality linens, comfy chairs), the roomy bathrooms even more so (marble and glass, plus good-smelling soap and hair dryers — it works every time), but compared to the more recently upgraded rooms at other hotels, these feel a little out of date (tube televisions instead of flat screens? How 2002!). Strip-side rooms, while featuring a much-desired view of the hotel’s dancing water fountains , don’t quite muffle the booms the fountains make as they explode (although we didn’t find it annoying). Rooms in the newer Spa Tower are more desirable if you want a shorter walk to the pool and the gym and spa areas (guests in the original building will have a long jog around the casino perimeter instead), but only a “partial” (read: a bit set back with a parking lot in the foreground) view of the fountains. Still, service is top-notch, despite the size of the place; the staff is eager to please and nonpatronizing.

Meanwhile, many of the better restaurants are found in Bellagio. Found here are Picasso, Le Cirque, Circo, Michael Mina, Fix, Sensi, Jean-Philippe Patisserie, Olives and the Bellagio Buffet. And the man who brought us a free pirate show and a volcano explosion now brings us a water ballet, courtesy of a dancing fountain with jets timed to a rotating list of songs (everything from pop to Sinatra to Broadway to opera). This sounds cheesy, but it absolutely is not. It’s really quite delightful and even witty (no, really) and is the best free show in Vegas. Note that a channel on the TV will play the songs as the fountains dance because you can’t quite hear the music from your room.

Bellagio also features an upscale casino and O, one of the most incredible shows yet from Cirque du Soleil. Bellagio is also home to Petrossian Bar, and The Bank, a high-end nightclub.

The hotel’s pool area has skidded to the top of our favorites list; it boasts six swimming pools (two heated year-round and two with fountains) geometrically set in a neoclassical Roman garden, with flowered, trellised archways and Italian opera piped in over the sound system. The Grand Patio could have come right off a movie set (pillars, domes, you get the idea). A more sophisticated environment than the tropical party over at The Mirage (our other favorite), it is surely the sort of place where thonged model types hang out with moneyed jetsetters — it comes off as that chic.

The health club  is marvelous, large, and well stocked with top-of-the-line machines, with natural light coming in through windows to the outside world, but at $25 a pop, it’s pretty pricey if all you want is a simple session on a treadmill (though with your fee, you are allowed to return throughout the day for additional soakings/steamings/workouts). Attendants ply you with iced towels and drinks. The spa is not quite as pretty as some others around town, but it does offer a full range of pricey treatments and has a serene soaking area, with plunge pools ranging in temperature from icy to boiling. In addition to drinks and snacks, smoothies are sometimes offered — take one.

The shopping area, called Via Bellagio, features all the stores that advertise in color in glossy magazines: Tiffany, Armani, Gucci, Prada, Hermès, and the like. There’s also an art gallery that boasts enough highly regarded works to draw some million visitors a year.

What does all this add up to? As good as a casino-hotel can provide and perform the duties of a luxury resort experience, certainly. If it doesn’t quite work, that’s probably more the fault of the initial concept than the hotel itself.