As a regular Lima rounder I'll add in my 2 cents. For tournaments Fiesta has the best structures. They have S/.350 ($110) freeze outs on friday nights with 10,000 starting chips and 30 minute levels with no antes. It is by far the best donkament in Lima. There are only 20-30 entrants since most Peruvians prefer the rebuy shoveaments and are afraid to play without their rebuy diaper. Monday is also a 1 rebuy -or- 1 add-on tournament that's not so bad. It has the same structure as Friday. Tue/Thu is the huge rebuyament that can be pretty fun if you don't have to be up early the next day. It has a younger crowd due to the low ($10) initial buy in so 4-way all-in on the first orbit is not uncommon. Cash games at Fiesta are only like 2 nights /week since they mostly run tournaments. Regarding smoking-- they no longer allow it at the table but rather near the stairwell. It's not so bad anymore and they plan on banning it completely some time this year when Lima's new smoking ban takes effect.
Atlantic City has one of the most LOL blind structures you'll every see in a live donkament. First of all they skip levels like 75/150 and usually start you at 50/100 and jump right to 100/200. They usually start you with 3000 chips and sometimes let you buy an extra 1000 for a nominal cost. The levels are 20 minutes but ramp up to 15 minute levels + antes by like level 5. AC donkaments are HUGE variance and you must be willing to rebuy multiple times. AC has the best room in terms of tables dealers at space. It's roomy, dealers are better and no smoking. Tables are nice and chairs are comfortable. Cash games are insanely soft.
Majestic is somewhere in between. They run various donkaments but their structure is somewhat better than AC. They have very soft cash games almost every night but the room is not a room, it's a section in the back of the casino. It's loud and chaotic with the idiot manager anouncing tournaments on a loud PA system half the night. The caveat is Majestic is located in a night spot and tourist area so the combination of drunk locals and tourists makes it ideal for playing against terrible fish.
Most players are well educated and speak English. You can use English for call, raise, check, fold if you wish. You'll be understood. If you want to do a 1-chip raise, just say raise and declare the amount in clear English if you don't' know any Spanish. People do it all the time. I speak fluent Spanish but many times act like I don't. I prefer people think I'm a tourist.
Without sounding too insulting most players here are horrendous. If it weren't for the low volume and high rake (5% uncapped) and low stakes I'd consider giving it a go as my income.
Aside from that, Aug. 25 the Poker Hispano Tour will be at Fiesta with a few nice tournaments. The main event being a $1,500 multi day tourney.
http://www.torneopht.com/torneos/index.php
Also, if I may pimp my non-profit (no one every clicks my banners) blog I started you can find updated info. I try to update as much as possible.
http://www.allinperu.com I never plan to make any money of this site.. it's more for my amusement.
Hope that helps the maybe five 2+2ers in Lima