I'm not sure anybody has ever gone to a place advertising a $11.99 steak and lobster meal and expected all that much... and if you have, you should probably just do a bit of quick math to realize what's going on here: this means they acquired said steak and lobster for about $6 (since after all, they have to make a profit here, right?)... stay with me now... for simplicity's sake, let's just say they cost the same to the restaurant... now we're at $3 for the steak and $3 for the lobster.
Now let me ask you a question: when have you ever been to a store and been all that excited if you saw a big cut of steak for $3? Or a lobster? If you're like me, the first thing that runs through your mind is: "How sickly did this cow/crustacean have to be for them to offer to sell it to me at this price??" Now, either Tony secured some awesome deal in the beef/seafood futures market ten years ago so as to lock in a below market price to be able to offer such a great deal... or it's just not great quality stuff. Unfortunately, I think it's the latter.
This all being said - as the 3 star rating suggests, this place is A-OK as long as you're not expecting the Palms. Keep it on the radar for some late night eats in downtown LV.