It's really bad sparkling wine, so be sure to get the mimosa instead. ๐
The captain and top officers come out, tell you the stats for your voyage: how many passengers, how many C&A members, including how many diamond, diamond+, and pinnacles are on board. The top points people get recognized, as well as any new pinnacles or those reaching a milestone number of points.
They will give you updates about their ship, or RCI's plans, or new ships and itineraries.
On Voyager last summer, the captain started something new by bringing out regular crew members being recognized for achievement or longevity. A couple of them definitely had a deer in the headlights look about them. One was a butcher who had been with RCI for 10 years. I don't know if any other ship does this, but it was nice.