The rigid helium balloon has a helium compartment and a separate, channel portion. Helium gas is filled into the helium compartment through a valve in the balloon. Fiberglass rod members are inserted into the channel portion to help retain the desired shape of the balloon. The rod members also provide a counterbalancing weight which prevents the balloon from floating upward. Thus, the balloon, once released into the air, will retain its shape and remain floating at the height from which it was released unless repositioned. No additional weights or tethering devices are required to prevent the balloon from floating upwards.