This research paper examines the influence of festival attractiveness, novelty, and experience on the attendees satisfaction. The study also analyzes the risk awareness element of cultural festival attendees and looks at how it moderates the relationship between festival attractiveness, novelty, experience, and attendees satisfaction. After conducting direct interviews with the festival attendees, three hundred twenty-four valid samples have been taken to this study. The study findings reveal that festival attractiveness is the most critical predictor of attendees satisfaction in this festival. The study also found the significant moderating effect of risk awareness in the relationship between the festival attractiveness, novelty, experience, and attendees satisfaction. The findings will help the festival organizers to develop and adopt successful marketing and promotional strategies. Selection of the latest technology in lighting and sound effects, sophisticated imagery, and other aspects will always increase the events attractiveness and reduce the risks. This study was one of the initial attempts in festivals and events to examine the moderating effect of risk awareness on festival attractiveness, novelty, experience, and satisfaction. In this sense, this study has been contributing to the theoretical development of the festival literature.