If you want to give your employees a bonus, give them a bonus. If you want to give them a party, give them a party. What you should definitely NOT do is force them into fighting each other over a piñata filled with money and coupons for free TVs. Especially when one of those TVs is won by the boss who set the whole thing up himself. 

There has been quite a discourse over office pizza parties recently. Although I'd say that most people find them fun in the moment, and certainly better than a standard day of work, when you place them against their alternatives things take on a different perspective. Would you rather have a pizza party, or be directly given the money it took to plan it? Since you're not working during the pizza party, how about you just go home early instead? Better yet, combine the two; a half day and a nice $10 bonus. Now we can apply the same logic to the piñata party. 

Instead of fighting with your colleagues for money from the bosses a la Squid Games, how about everyone just get a little bonus and some time off? Oh, and if the boss wanted a nice TV for himself, I'm sure he's making enough to go and get that on his own, without rubbing it in the face of his employees who aren't.