Can you imagine the bill for drinks and dinner for 700 some people and their spouses?
In the small company I used to work, the last day or so before Christmas the president would throw a party at work. (They also had a formal Christmas party.) The president had one of those globes in his office that was a bar and we all would get into it for the afternoon. Good times.
xsbro’s company has a big bash at a hotel, and the company pays, I honestly have not heard of an org [other than gov] having people pay to attend a Christmas party.