That holds true for the overall storyline, true, but it's the humor that's really suffering. In a non-verbal medium, jokes have to flow smoothly, sound like something someone would actually say, as well as the usual requirement of being funny in the first place. In this case, yeah, the jokes sound like something someone would say, but they don't flow at all.
It kind of gives the impression that the whole party is made up of amateur comedians trying to one-up each other... Which I suppose is actually pretty funny. Just not as funny as well written jokes would be.