You can run an open bar with two bartenders for 50 people for that price? (Unless everybody is a complete lush, I guess ;)
I don't think there is an upper limit on how much hosting a party costs. You can always go fancier if you have money to burn.
Beer and liquor alone would blow past that figure.
If your version of hosting is "let's outsource it and just open the wallet", then, yes, sure, you can spend a lot of money. It ain't hosting, though. You failed the "what if I just replaced you with a bank account" test.
So yeah still wondering what sort of party you threw. I mean, yeah it's easily possible to spend that much, but it's also possible to do it for much less and you don't even need to really try.
That's not a cocktail party, that's a tailgate.
GP here, and no, that doesn't mean that.
It means you hire 2 bartenders to make the drinks, and you buy the supplies they use.
And, no, if you want a cocktail party, you don't "plonk a few cases of drinks on the table". That's also a fun party, but a different kind.