The question is, can they afford a "locals only" HHN? Because the way things are going, I know some people will fly in, but I have doubts that it will be a high %. I think a lot of people that would come would drive, but that really limits your audience. And if a lot of the people coming to the event are FFP holders, that's not good for business.
As for announcing, it's tricky. If the event is to happen, on one hand, i'd say you bury the announcement on a friday. But the point of the announcement is to get people excited and to want to come. If they try to limit the press, that's limiting their audience.