You are earning EVO money through sponsors and I assume you'll be buying drinks and things while you're there. They won't lose money; that would be stupid, and completely unnecessary. People would've gone even if the entry fee was $20.
I don't actually live in Austin, I'm just a student here. In fact, for me to stay during spring break for the tournament causing scheduling issues with getting back home afterward, but I was willing to work that out.
I understand that the South tournament is a last-minute deal, and that other tournaments may not have the same problems, but that doesn't change the fact that this one will be, within my view, a waste of time. Maybe others will disagree, and that's fine, as it's your right as a consumer. All I'm suggesting is, if you think the tournament isn't worth it for you, don't go. That's how capitalism works, after all: you either buy a product/service or you don't, depending on your estimation of the cost vs. the reward.
And even if I knew EVO was losing money, for certain, with this tournament, I still wouldn't go, for two reasons:
1) I'm not an altruist.
2) If they're losing money because our going doesn't give them any money, then it doesn't make any difference to them whether I go.