Schooner's bills itself as "the last local beach club" and has a reasonable claim — it's been on the beach since 1985, which in Panama City Beach terms makes it a genuine institution. The bar sits right on the sand, there is live music most nights, and the whole setup has the worn-in feel of a place that knows what it is.
The food is what you'd expect — burgers, sandwiches, seafood — and it's decent enough. The point is the location and the atmosphere. Sunset cannon shots mark the end of each day, and the crowd shifts from families having early dinner to a louder bar crowd as the evening goes on. Weekend nights in summer are packed. If you want to drink cold beer on an actual beach rather than a deck overlooking a parking lot, this is the spot.