Saturnalia refers to wild, boisterous festivities, not calm or formal gatherings. The Mardi Gras in New Orleans is comparable to a modern-day saturnalia.
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Positive Freedom
Despite its wildness, 'saturnalia' often carries a positive connotation of freedom and enjoyment. The streets were alive with a sense of saturnalia after the team's victory.
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Informal Use
While 'saturnalia' can describe any wild party, it might be too formal or literary for everyday speech. Their reunion turned from a barbecue to a full-scale saturnalia.