Great size rooms for a crowd, but starting to look a little run down and dingy in the casino area.
I've stayed at the Palazzo a handful of times because you have a large room that can comfortably fit a lot of girls and their luggage. You get two queen beds, along with a sitting area with a pull out couch. The bathroom is large with a double vanity. The hotel is also conveniently located near a lot of popular nightclubs, such as Tao and Lavo (Ventian and Palazzo), as well as the numerous clubs located in the Wynn and at the Encore (Blush, Surrender, XS, etc) which is located just right across the street.
If you're staying at the Palazzo, you have access to both the pools for the Ventian and the Palazzo, which is nice because you should be able to find a place to sit.
The casino area I'm not a big fan of. Mainly because its somewhat dark inside, which gives it a bit of a dingy feel in my opinion. I like casinos have a lot of light (or as much as they possibly can) so I dont feel like I'm in a cave.