It could also be argued that Prince Prospero symbolizes hedonism and the human desire for pleasure. When the Red Death decimates his kingdom, Prospero's reaction is to gather together all of his friends in the abbey. As we see in the following quote, Prospero does not intend on ruminating about death or worrying at all about the plague:
The prince had provided all the appliances of pleasure. There were buffoons, there were improvisatori, there were ballet-dancers, there were musicians, there was Beauty, there was wine.
In other words, the Prince's priority is to have a good time and to not think about the realities of what is going on in his kingdom. All he cares about is entertaining his guests in the most splendid way possible.
At the end of the story, however, the Red Death catches up with Prospero and kills him. Through his death, Poe argues that pleasure is only a temporary distraction from the harsh realities of life. No matter how rich or how cultured, no man can escape death because death is an inevitability.