What does it mean by saying "It's like Mardi Gras without the paper mache heads."?

[Joeyy]

What does it mean by saying "It's like Mardi Gras without the paper mache heads."?

Chandler: So how's it going there in Financial Services?
Lowell: It's like Mardi Gras without the paper mache heads.

from Friends S01E08

 

[Tdol]

Re: What does it mean by saying "It's like Mardi Gras without the paper mache heads."

I imagine he means it is as chaotic and crowded but without the costumes of Mardi Gras.