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The LBL is a monthly event involving 3 bar/venues (Alex's Bar, The Prospector & The Pike) with bands playing every hour and a big, red double decker bus carting folks to and fro (in, of course Long Beach, CA).
For more info, see the official MySpace page for The Long Beach Loop.
There you can find the next Loop event, what bands are playing, how to get tickets, etc. Plus a bunch of photos of people having a blast at previous events.
If you're one of those anti-MySpace folks, you can get info at the Alex's Bar website.