There's a place called Big Al's where my son lives. It has a large bowling alley, too expensive, I know. But there are also all kinds of games for people of all ages there. You can get a large table and then ask people to pay for their own games and food. You can provide cake and ice cream. I've seen several places in Oregon like this. One has a buffet that's quite cheap. Just an idea!
I have to agree with fletc3her. I would have posted the same suggestion, especially at this nice time of year. Usually the outside areas with picnic tables are free and the shelter covered ones are a minimal amount, at least in my experience. They work out great and the kids have room to run around.
Parks usually have free or very inexpensive picnic shelters that you can reserve. You can do a potluck and bring a grill. And, you can set up a volleyball or plan on playing frisbee or other sports. If you are planning on eating out many restaurants have party rooms that you can reserve. Usually they don't cost anything other than the price of the food you buy.
Limit the number of guests to the number that you can entertain in your home. That is the least expensive. I have heard that sometimes Senior Citizen Centers will rent out space quite inexpensively. But in my opinion no matter how low cost the rent would be it would be too much, when you can use your own residence.
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