The Manage Event menu gives you three more ways to control an event's lifecycle beyond cancelling.
Duplicate - creates a draft copy of the event with "(Copy)" added to the name. The copy carries over the schedule, pricing, custom questions, styling and images - but not the bookings or an attached seat map. Reattach the map from your library on the copy, then run the same event again next month.
Unpublish - takes a live event off your site and returns it to draft. Existing bookings are unaffected; new people just can't find or book it until you publish again.
Delete - permanently removes a draft event and all of its data. To protect your records, an event can't be deleted once it has bookings - cancel it instead. You'll be asked to type a confirmation word before deleting and it can't be undone.