If your guests are old enough, let them cut the masks out themselves.
The children can color their own masks using markers.
After the children are done decorating their masks, you can attach either an elastic band or a Popsicle stick to each mask.
If you opt for elastic bands, use a hole punch to punch holes on the left and right sides of each mask, slightly above the middle.
Tie a knot at one end of each elastic band, thread it through both holes (around the back of the mask) and tie a knot at the other end of the band. (As an alternative to the hole punch, you can staple the elastic bands to the masks.)
If you're using Popsicle sticks, glue the top third of each stick to the bottom back of each mask, and let them dry for about 15 minutes.
Give the children a few minutes to play while wearing their masks.