There are 2 statuses that are currently available in the system, which are Live and Draft.
While creating an event, the status would be in Draft and all the possible changes can only be made when the event is in the Draft mode.
The status of the event can be updated to Live when the information is complete and is only when your event is about to start. (To get a better understanding you may create a test event and tweak with the options)
When the event is completed you need to send us a request to Archive a particular event.