I love both of these events, but what would make me go with the Mad Mage's Castle for sure is having new loot added to the table. It's exciting to get Red, Blue, or Gold eggs as drops, however it's going to bring less and less excitement over time, so at some point we can take them out of the loot table and add something new in, and if players want, we could possibly add the eggs back to the loot table in a future event.
Events are supposed to be thrill-packed. Having new loot added to the Mad Mage's Castle will definitely help fulfill that.
As for the Arena of Honor, I also agree for it being individual, but don't make the threshold for the tiers. I played around at least 10 (probably more) hours on the previous individual event and received bronze. With the previous PvP event, basically everyone had gold tier and it didn't make it that exciting, but that was because the amount to get to gold tier was extremely easy to reach.
Long story short, don't make the threshhold too difficult to reach so that other players that have a limited amount of playing time can reach it too, but don't make it too easy.
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