[mronge]

That's true but they may be able to cancel the contract based on a force majeure clause because of the global pandemic.

[csours]

As Frere Jacques notes, it is almost pointless to speculate without the actual contract in hand.

For instance, large events often have cancellation insurance, but they have found that the terms are much narrower than they expected when they signed the insurance contract.

[beerandt]

Or a government restriction due to the pandemic, if not the pandemic itself.