What does the cryptic crossword clue "Theatrical party (4)" mean?

This cryptic clue uses wordplay to arrive at the answer. Visit the page for progressive hints — definition, wordplay type, and a full step-by-step explanation.

Theatrical party (4)

Telegraph #29293 | 6 Across | 2020-02-22 flower

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Also seen in

Telegraph Prize Cryptic #3236 (2023-10-29) Guardian Cryptic #23947 (2006-12-12)