You need at least one camera in your scene to use the Panorama Exporter.
Panorama Exporter. If you use Enhanced menus, choose Rendering
Tools (Rendering Set)
Panorama Exporter.
Utilities panel
Panorama Exporter rollout, click Render. 
3ds Max renders a series of views, which it uses to construct the panorama.

Panorama Exporter creates a 360-degree spherical rendering.
Use the Viewer to navigate the panorama, or to export it to a file.
You can also use the Viewer to open previously saved panoramas.