The party also spills onto the streets and sidewalks. Not saying anything negative, just letting you know.
This is what I was referring to when I said too many things to explain to young kids. I took my kids to P-town once. Big mistake (in the 1980s that is).
It's changed a HUGE amount since the 80s. I was there last year and it's turned back into a very fun place. You're worried about having to explain to kids? Bet they already know all about it. And you'd be surprised at how young. If the OP is worried about late night parties, then go during the day. Be prepared for some odd-ball things but ENJOY.