LAKE ARTHUR — The Lake Arthur Regatta has been discontinued due to a decline in attendance and profits and a lack of volunteers, according to the festival committee.

After analyzing the performance of past festivals, Team LA, which sponsors the event, noted the declines.

“It takes a lot of work, money and time in getting the festival organized,” interim Mayor Sherry Crochet said. “Everyone is just really burned out and tired, and the festival is not bringing in the revenue it once was.”

Crochet said festivals in other areas face similar challenges and have had to cancel or cut back on activities.

“I don’t know if it is the economy or what, but it is getting difficult to put on events,” she said. “It’s also getting harder to get volunteers to work because the ones that have been working are getting tired.”

The festival — revived in 2011 after a long hiatus — included concerts, a swimsuit contest and food vendors. It was traditionally held on Memorial Day weekend, but was moved to early June in 2014 to avoid conflicting with other events.

In making the announcement this week, the Team LA board expressed appreciation to the public for its support of the festival for the past seven years.

Organizers have said the festival drew 8,000 people to the town of more than 2,740 residents. Proceeds from the two-day festival were used to help fund park improvements and economic development incentives for the downtown area.

In recent years a partnership with the Varsity Club at Lake Arthur High School resulted in more than $50,000 for the school’s athletics programs.

Crochet said officials are looking at replacing the festival with other activities and trying to get more volunteers involved in more events.

“We will miss it,” she said. “And hopefully in the future someone will decide to pick it up and maybe try a different agenda.”