See my Mandalay article (here) for contact info as this venue is booked through the catering/group events department. I have only heard of this option for the first time in Sept 2012 so I'm going to try to get more info posted soon.
Pricing and services: The Palm Foyer is on the 3rd floor of the Mandalay convention center and has windows overlooking the grounds. It sounds like it may be 'free' to use and you just have a food and beverage minimum to have your event there. Will find out more.
People who have used this vendor (sorted by date) and link to the review:
TK threads mentioning this vendor: