1990-1998
With its multiple stages for entertainment, Aqua Fest changed from a civic event to a live music event. The organizers began to book bigger and bigger acts, even paying premiums to get popular acts such as Dolly Parton in 1992. This drove ticket prices up and attendance down. By 1993, the festival only drew 44,000 people and as a result lost $722,000 dollars. The festival exhausted its cash reserves and asked its largest creditor, the City of Austin, to be able to pay off its debt in annual installments.
In 1994, Aqua Fest returned to its roots with more local acts and an all volunteer staff and in 1995 brought back the popular theme nights. They also tried drag boat races again, this time at Lake Walter E. Long, but the races drew little interest. It was all too little, too late and the Austin Aqua Festival folded in 1998.
Read more about this topic: Austin Aqua Festival