Dramatic way to stay out around midnight (5)

I believe the answer is:

stagy

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'dramatic' is the definition.
(thesaurus)

'way to stay out around midnight' is the wordplay.
'way' becomes 'st' (abbreviation for street).
'to stay out' becomes 'ay' (I can't explain this - if you can you should believe this answer much more).
'around' indicates putting letters inside.
'midnight' becomes 'g' (the middle letter in 'night').
'ay' going around 'g' is 'agy'.
'st'+'agy'='STAGY'

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(Other definitions for stagy that I've seen before include "Theatrically phony" , "Theatrical" .)

I've seen this clue in the Evening Standard.

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