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saturnalia (n.)

time of merrymaking, 1590s, from Latin Saturnalia, ancient Roman festivals of Saturn (held in December), a time of merrymaking for all, from neuter plural of adjective Saturnalis "pertaining to Saturn," from Saturnus (see Saturn). They correspond to the Greek Kronia. The extended sense of "period of unrestrained revelry" is first attested 1782. Related: Saturnalian.

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Definitions of saturnalia from WordNet
1
saturnalia (n.)
a wild gathering involving excessive drinking and promiscuity;
Synonyms: orgy / debauch / debauchery / riot / bacchanal / bacchanalia / drunken revelry
2
Saturnalia (n.)
an orgiastic festival in ancient Rome in honor of Saturn;
From wordnet.princeton.edu