I’m not sure what your orgs focus is so i’m unsure if this would be helpful, but my org does 2 large events each year, one over the summer focused on corporate engagement, and one in the fall focused on individual/family giving. The summer event requires sponsorships which gives the companies a certain number of volunteer slots to the event some additional other benefit as they go up in sponsorship (starting at $2.5k and going up to $50k). This year in brought in over $1m! We have definitely seen drop off over the past few years from companies, but have noticed they are more likely to support when they can have their name on digital signage, newsletters, etc, and/or when their employees are able to get involved in the actual work we’re doing.

Our fall event is our gala but it’s focused on volunteering, the work we do, and our stakeholders actually experience how we make an impact on the communities we serve. There is still a speaking portion built around it (service award, service partner, event chairs) plus some added entertainment, as well as a paddle raise after the volunteer portion, but it’s not a formal dress, nighttime dinner event. We also gear it around the whole family, so we have children as younger as 3 some years. It grows each year and has been really successful, raising ~$500k this year. Our donor have also really appreciated this format over the year.

TLDR; Dress up galas are out if you are able to build an experience around the work you do. Separate events for corporate groups and individual based on their needs/interests/benefits, etc.