If you don’t want to hide an Event Tag, you have the option of permanently deleting that tag. You may want to delete tags that you no longer use or in order to free up Event Tag space if you have used all of the Event Tags allotted to your account. You can delete Event Tags from your account by using the pop-up “Tags & Overlays” management dialog.
When you delete an Event Tag, that tag will be removed from your Event Tag list as well as from any Event that tag was applied to. Deleting an Event Tag will not delete your Event.