The country has beautiful nature, waterfalls everywhere, and super white sandy tropical beaches.
Gay night life in Panamá is limited to Panama City, which has some gay clubs. Most guys in Panama are not openly gay, and are all very discrete. Many local latino guys are very happy to meet tourists.
Panama City has about 4 large gay clubs and a gay sauna. The gay night life is focussed on the weekend. Many guys from Panama are not openly gay and discrete, and you will find them at several gay friendly places.