It is here that the Gods commune, each having a massive throne, which are collectively arranged in a U shape. It also houses some of the minor gods and magical creatures such as the Ophiotaurus. Although it used to actually be located at the peak of Mount Olympus, it is now on floor 600 of the Empire State Building, having moved with Western civilization. The only mortal way to get up to Mount Olympus, is past a Security Guard who won't let you pass unless you have special authorization. Olympus is described as a paradise, with golden buildings and happy people. Along with the Gods lives hundreds of other creatures and beings.
As the seat of power of the Olympian gods it is of vital importance. Should the throne room be destroyed Mt. Olympus would crumble and the power of the gods would be severely weakened making them vulnerable to their enemies. In theory if it were destroyed, but the Olympians regained enough strength it could be reformed. In the meantime they would be vulnerable to their enemies. It is unknown how the destruction of Olympus would affect the minor gods. But Hades thinks he can hold by him self for four years without Olympus.