Yes, over labor day. Its $40 if you want to keep the bowl, less if you just want the drink. That goes for the Zombie, Krakatoa, & Hippopoto Mai Tai as well - they all have mugs you can keep if you pay more for them.
I really loved the Black Pearl (its supposed to be secret but I saw someone else mention it already anyway - I hope they don't stop doing it ) and my favourites on menu are the tiki tiki tiki tiki tiki rum & the Hippopotomaitai. The Krakatoa is yummy but pretty sweet/weak and the Uh-oa is delicious but strong - if you order that one outside they will douse the flames quickly but I seem to remember they let it keep burning inside? Maybe I am not remembering correctly because I know the local tiki bar does let their jet pilot go and go.
I usually get the Uh Oa with my sister. We love it--such a blast! We've not paid $40. Too hard to pack the bowl for flying anyway. I don't remember the cost without but it didn't seem unreasonable to me (and I'm fairly cheap). Of course, we split the cost
I've not had a bad drink there. I need to try the Black Pearl, though!
When staying at the DLH a few months ago we had a room looking out to Trader Sam's directly. I recall people watching until around 1-2am every night.
As popular as it is for a spot , I agree it should be open quite late.