Hotel Las Vegas is not bad, nothing fancy. There is an Italian restaurant in the courtyard, pretty decent. Ask for the business discount and you can stay for $50/nite
If you are going to stay for an extended period I would suggest somewhere other than the middle of Panama City. You can find GREAT bargains outside of the city. Even downtown Boquete can be allot cheaper. Plus you wont get run over or fall down an open manhole cover into the sewer system and flushed out into the bay. People steal manhole covers and sell them for scrap, no kidding!!!
I wonder how good the food is, and most importantly how much it costs...
Anyway as for the internet connection according to their website it says they are offering WiFi and the reason for the bad connections is either due to the location of the room being too far away from the main source or the possibility that the connection they are using is just not good and therefore the WiFi suffers as well.
It is a good location, there is a casino (if you gamble), internet cafe next door, fast food all over, easy to get a cab, just of via Espania, close to el Rey (grocery store), I would stay there again.