I just tried to create this event, and it worked just fine.
Trigger: A table balance is suggested
Conditions: (none)
Actions:
1 Play sound
2 Pause the clock
3 Flash the screen (#fff)
As soon as I bust a player out, the clock is paused, sound is played, and the screen flashes.
Do you have another event that might supercede it? Maybe an event triggered off of "A player busts out"? Only one event can fire at any time, so if you do have one for "A player busts out" and it is listed higher in the event list, it will be the one triggered. Move the "A table balance is suggested" event higher and it will play when a table balance is suggested (which happens when players bust out), and the "A player busts out" event will trigger on all other eliminations.