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Clear allThe two southern formal venues are both in Caloundra, but they give the night quite different settings: a performing arts and conference building with a proscenium stage, or a racecourse whose rooms face the Winning Post and Mounting Yard.
How the two Caloundra formal venues line up:

Between 150 and 400 in the Kings Theatre, while the Glasshouse seats up to 300 for dinner.
Its events team hires out function spaces on race days and non-race days, so ask which dates suit a formal.
The Events Centre Caloundra. Its Kings Theatre comes with a big proscenium stage, used for speeches and entertainment at gala dinners, and the Playhouse Theatre can also set a private dinner on its stage.
There is a free undercover car park on site, plus a covered set-down at the entrance.