That’s theoretically possible, yeah. However since the tickets sold in advance I would say that they limited it to 50k tickets per day. Anything else would involve potentially turning someone away who has a ticket or at least asking them to wait, which would be a terrible look.
They did put out...
Essen Spiel said of the 2024 that the capacity they weren’t allowed to exceed each day was 50,000 attendees on site at once. This would actually put it on par, if not slightly less, than Gencon in 2024. The 204,000 would only be unique attendees if everyone only went for one day of the convention.