I don't think that it's even gays anymore, it is more diverse than that these days. There are so many sexual orientations other than straight/gay/lesbian/trans these days. Watching the film Pride today, I can't believe how far we have come since the early 1980's in society acceptance of gays etc, as it should have been for generations before.
When my sister told my ex husband that she was gay, he told her "As long as you don't become a United supporter". This was in 1997, and she was very worried about telling us. I don't know why, she was still my sister, I didn't care what she did in a bedroom. As long as she was treated right and treated right in return. Like anybody.
But with regards to the panto, there have been double entendres in panto for a very long time, adults get the jokes, kids laugh at the silliness of the show. I do think gay people would not take offence at what was said, it's hardly scathing, is it? One transvestite I knew would cut you down to size just by a side glance, whilst putting your eye liner on in the ladies! Brilliant.