Been there, done that
Its a very safe city (by Latin American standards), they call it Little Miami because of all the skyscrapers.
Golden time and Le Palace have the best looking women, Palace is a strip joint that has take-out. All the girls are dressed in white and you'll find plenty of beauties there, mostly Colombians and some Panamanians.
Golden Time is a massage parlour that has take-out also.
Girl for overnight should cost no more then $300
If you need a guide that fluent in English and Spanish then I recommend this guy
http://www.funpanama.com/contactar.html
Pedro Tucker is a really cool guy and he's not expensive.
A trip from Tocumen airport should cost no more then $40 to downtown Panama City.
Almost ever Hotel has a casino and a bar with working girls looking for Gringo tourists
Also Panama is a beautful country, make sure you see the canal and beaches