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Wiktionary
party favor

n. 1 (context US English) A small gift given to a guest at a party, as a souvenir. 2 (context informal euphemistic English) A narcotic, particularly an amphetamine, to be shared at a gathering.

WordNet
party favor

n. souvenir consisting of a small gift given to a guest at a party [syn: party favour, favor, favour]

Wikipedia
Party favor

A party favor or party favour (see spelling differences) is a small gift given to the guests at a party as a gesture of thanks for their attendance, a memento of the occasion, or simply as an aid to frivolity.