Just went there a few hours ago (on May 7th). We got there at 7:30 am and had to wait about 20-30 minutes until they opened. We got there early to hold the 7 month old pandas before a line formed (since we heard that the longer the line, the less time you get to hold them). At 8:30 am we were told that we could not hold them until 10:00 am, which was when more people showed up.
We wandered around until about 9:45 and when we returned people had already taken pics with the panda. Luckily, there was no line when we got there. It cost 1000 Yuan (RMB) to hold a 7 month old panda for about 2-4 minutes. Unlike other posts, only one person was allowed in and we had to give our camera to a staff member who took the photos (they closed a gate so you can't watch the photos being taken). Although the staff member said that she would take 2-3 photos, the ticket booth woman said that they were supposed to take 20-30 photos. When we told the staff member this, she said ok and ended up taking 20-30 photos.
Each person had to wear a poncho and plastic gloves, not sure if this is standard procedure or because of the light rain falling.