I just wanted to give a little update as I am a local and there really isn't any Casino in Vegas that I haven't spent time in.
As has been mentioned already this Casino is well off the strip and sits pretty much all by itself. It isn't really all that old and is now part of the Boyd chain of Casinos. There is a free shuttle that will take you to the Gold Coast which is right across the street from the Palms as well as across the street from the Rio. Also you can catch a free shuttle from the Gold Coast to Bill's Gambling Hall which is right in the best location on the strip { formerly the Barbary Coast **, which is Flamingo and Las Vegas Blvd. As to the Sports book being open 24 hours..... Make that 22 hours as it is always closed from 4 am to 6 am.
They have several nice Restuarants there but don't expect to find any decent Video Poker machines there or any other great gambling oppurtunities. As far as shows, they have one of the cosiest showrooms in town and if you like the older shows like Everly Brothers, Bobby Vinton, etc , this is the place for you ! I have stayed there only once for 2 days and the rooms were pretty generic if you know what I mean. maybe it's just me but I would pay the extra $$ and stay on the strip if I was just visiting. As for me..... I only play at the places that offer 100 % plus gaming and that is almost unheard of on the strip. The Palms does offer 100 % plus video poker if you know how to play correctly. Good Luck !