Laguna Beach California’s 70-year-old Pageant of the Masters Festival attracts 250,000 people each summer. “But the festival is barely breaking even. From revenue approaching $6.5 million annually, its latest financial statements show it earned a small surplus of $275,000 in 2001 — not even enough to make up for the combined $325,000 it lost the previous two years.” A plan to license the festival internationally, though, has traditionalists opposed.