Although it is expensive, I think its a great experience. You get placed at a table of eight and upon arriving you get a lei and a drink and have some time to watch the subset, watch demonstrations, take pictures. There was plenty of food and good variety of Hawaii speciality. The dancers and entertainment was fantastic and well worth it.
If you just want a taste of a Luau you can go to Betty's beach cafe around 7pm and then watch the feast of le le from the restaurant.
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