Boca Torena and La Mayor in Casco Viejo
Just spent a few days in Panama City (my first trip there) and since I'm a cheap bastard I chose to check out Bocatorena and La Mayor (adjacent clubs in Casco Viejo near the fish market).
I walked there the first time, and would probably not do so again, at least not solo. It's just a little too sketchy for me (even though I'm young and have 50 pounds on the average Panamanian).
I walked into Bocatorena at about 5pm on a Thursday, and walked right back out. Seemed like a straight-up bar with available women, but with a rougher crowd than I'd like (both the men and the women).
Arriving at La Mayor, next door, I was able to spend some quality time. It's a strip club, but with longish waits between strippers. Maybe 20 minutes or so. (I returned on Saturday afternoon and they were showing European soccer games, which pre-empted the stripping entirely). There is a $3 cover, and you receive a ticket which worth $1 towards a drink. The only thing costing $1 is bottled water. A beer for the girls is $5.
The place was pretty packed on both Thursday and Saturday when I went, mostly with 20-something Panamanian guys (didn't see any other gringos), and about 25 to 30 girls, mostly Colombian and some Dominicans.
Hooked up with a 26yo Colombian cutie, Natalya for $30 for 30 minutes (it would have been $35 if I had come in a taxi). She was probably a 6. 5 with her clothes on, but she dropped to a 5 with them off. That, combined with an uninspired performance, made the overall experience pretty poor, but I'm sure there are better-performing chicas available in the club.
Overall, I'd say it's worth a visit if you aren't willing to pay the high roller prices of the places that get the most press in this forum. Speaking at least SOME Spanish will go a long ways.