Not definitively, on account of the star rating system being somewhat subjective. When you think of a "five-star hotel," it conjures up certain levels of comfort and luxury that are a given; however, since there are rival raters out there (AAA, Mobil, third party agents trying to sell rooms etc.), there isn't one definitive and consistent source for this information.
For example, AAA defines a Five Diamond property as one that reflects "the characteristics of the ultimate in luxury and sophistication." It goes on to describe how, "Accommodations are first class. The physical attributes are extraordinary in every manner. The fundamental hallmarks at this level are to meticulously serve and exceed all guest expectations while maintaining an impeccable standard of excellence. Many personalized services and amenities enhance an unmatched level of comfort."
Those are some big boots to fill and hence, in its 2009 ratings, the prestigious AAA Five Diamonds* were awarded in Las Vegas to only Bellagio, Four Seasons, Skylofts at the MGM Grand, Venetian, and Wynn.
Mobil's Five Star award is reserved for those properties that offer an "exceptionally distinctive luxury environment offering consistently superlative, personalized service and the ultimate in amenities, making these hotels and inns the best in the U.S. and Canada. Attention to detail and the anticipation of every need are evident throughout this exclusive group of hotels" which, in 2009*, comprised only the Tower Suites at Wynn and Skylofts at MGM Grand in Las Vegas.
A quick surf on the Web today revealed that, as far as Expedia.com's concerned, Aria, Bellagio, Encore, Four Seasons, Palazzo, Ritz-Carlton Lake Las Vegas, Trump International, Vdara, Venetian, and Wynn Las Vegas all qualifty as five-star properties. Like AAA and Mobil, Tripadvisor.com also includes the Skylofts at MGM Grand, as does Kayak.com, which also lists THEhotel at Mandalay Bay and Palms Place. Our preferred booking agent, Vegas.com, omits Palms Place but includes Mandalay Bay in its list of five-star attractions.
So, to conclude, basically you pays your money and you takes your choice, but there is a general consensus about which hotels in Las Vegas offer the highest degree of luxury, albeit with a little (terribly well-mannered) jostling between the four- and five-star spots. And if you've never experienced five-star luxury and would like a little (or a lot of) pampering, now's the time to check it out, with Las Vegas room-rates at all levels continuing to offer insanely discounted prices.
(*Note that a number of new high-end properties were not available to review when the AAA and Mobil ratings were finalized, so expect current listings from online sources to be more extensive.)