I went to my first Luau when we have visitors last year. We had a group of ten and purchased the Alii package I believe which included unlimited Maitais for about $45 or so. When we arrived, there were a lot of activities to participate in. Weaving tee leaves, throwing a spear, etc. The fire show was my favorite, especially because they do it right after the sun goes down and the fire glowed real nice.
I'd recommend this event to any tourist visiting the islands. And if you're a local, you can get a kamaaina discount =)
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