What do you make of this video footage?

I was blown away when I saw this video clip of a UFO and would like to know what other people make of it?

The specific clip I'm speaking of is in a larger movie, but is at the beginning. The clip I'm speaking of starts at the 2:25 mark in this video and goes until 5:40 and shows a saucer shaped object with flashing revolving reddish lights

video.google.com...

I apologize if it's a repost or has already been covered, but I did search around here on ATS and the internet and couldn't find anything about it. Does the clip or event have a name?

I think the clarity of it is probably the best ufo video footage I have seen.

The cameraman said it was taken at an outdoor arts festival in Nevada dedicated to light sculpture. So it could be a fancy light sculpture that's somehow airborne. On the other hand it's in Nevada which is a known test area for experimental and black aircraft.

So do you think it's an elaborate hoax or something more?

Could very well have had something to do with the the light festival, a giant balloon with christmas lights on it? Was it a UFO showing up to show it's lights, at the festival?
Hard to say.
But I did watch the rest of the program.

Yeah I think this has been de-bunked, it was part of the light festival at the time. But some of the other footage is fantastic and well worth a watch.