Green’s Dictionary of Slang

1. a party.

1984

Partridge DSUE (8th edn) 870/1: [...] since ca. 1959.

2. (US black) a party held so that the host can collect money from their guests so as to pay the rent [? the money percolates through from the guests to the host].

1956

in S. Longstreet Real Jazz Old and New.