Bungie stated that was an operating budget, but that nowhere near that amount was actually spent - at least on the Bungie side of the coin.
From Bungie COO, Pete Parsons:
[quote]“For marketing you'd have to ask Activision people, but for development costs, not anything close to $500 million,” Parsons told GameIndustry International in an interview. “I think that speaks a lot more to the long-term investment that we're making in the future of the product."[/quote]
http://www.gamespot.com/articles/destiny-budget-nowhere-near-500-million-bungie-says/1100-6420802/
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