Merriment, n.
Gayety, with laughter; mirth; frolic. "Follies and light merriment." Spenser. Methought it was the sound Of riot and ill-managed merriment. Milton.
Shades of meaning
Fernald has no entry of its own for merriment; he lists it under entertainment, happiness.
Where he writes about it:
Cheer may be very quiet, as the cheer of a bright fire to an aged traveler; merriment is with liveliness and laughter; fun and frolic are apt to be boisterous. — from entertainment