Cruise company theatre's opening for start of drag show (5)

I believe the answer is:

panto

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'drag show' is the definition.
'panto' can be an answer for 'show' (pantomime). I'm unsure of the 'drag' bit.

'cruise company theatre's opening for start of' is the wordplay.
'cruise company' becomes 'pan' (I can't explain this - if you can you should give a lot more credence to this answer).
'opening' indicates taking the first letters.
'for' means one lot of letters go next to another.
'start' says to take the initial letters.
The initial letter of 'theatres' is 't'.
The first letter of 'of' is 'o'.
'pan'+'t'+'o'='PANTO'

Can you help me to learn more?

(Other definitions for panto that I've seen before include "type of show" , "Dick Whittington" , "lowbrow entertainment" , "Slapstick theatre for children (abbr)" , "theatrical work" .)

I've seen this clue in The Independent.

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