Since 1976. Start your morning off right with a hot air balloon mass ascension of over 50 balloons accompanied by breakfast and drinks from local vendors. Activities will continue throughout the day with skydiving demonstrations, wakeboarding exhibitions, paddle boarding, live entertainment, and beer gardens. Wrap up your visit at Memorial Park over the Labor Day weekend with a hot air balloon glow at dusk. The Event is held at Memorial Park in Colorado Springs, off Pikes Peak Avenue between Hancock Avenue and Union Boulevard, near the shores of Prospect Lake.