Complex sentence: The pier continues to be used as an embarkation point for tour and excursion boats and is a popular place to watch lakefront events, including the annual Air and Water airshow and the parade of lighted and decorated boats during Chicago's Venetian Night festival.
Split into simpler sentences: The pier continues to be used as an embarkation point for tour and excursion boats. One of its most popular yearly attractions is the parade of lighted and decorated boats during the Venetian Night festival.