Not my cup of tea. I might see the value if it was raising money for something, but it doesn’t seem to be. I’ve worked on events like Golf tournaments, Scotch and Steak nights, Fishing Trips where there was conspicuous consumption, but all of them were done for a program or organization I was proud to be a part of, doing good things in the Torah world and wider Jewish world. But stam parties for profit? I’d rather BBQ a steak and sip a single malt scotch in my own back yard, not on the Hudson on a party boat. So I’m not a fan.
That said, People have to take achrayus for themselves. The people putting this on, including a music producer who has done albums for several very well regarded Torahdik singers, will have to answer for it either to his commuity or to HKBH. The participants need to do a cheshbon hanefesh about the point and purpose, and if the $200 could have been better spent or given to tzedokoh. But they all need to make decisions as a sum of their education, upbringing and experience, and assume the consequences of their choices. If HKBH had wanted sheep, we’d all be in a herd eating grass. He wants his people to exercise free will, and that means sometimes they will err. The good thing about that is the opportunities it presents to make good choices and earn schar for that, or the opportunity to do tshuva over transgressive choices and grow closer to HKBH through that process.