Cut piece of meat one's ripped off here (4,5)
I believe the answer is:
clip joint
'one's ripped off here' is the definition.
(a bar which charges customers extortionate fees)
'cut piece of meat' is the wordplay.
'cut' becomes 'clip' (clip is a kind of cut).
'piece of meat' becomes 'joint'.
'clip'+'joint'='CLIP-JOINT'
(Other definitions for clip joint that I've seen before include "Club routinely defrauding patrons" , "Expensive nightclub" , "High-charging nightclub" , "Bar charging extortionate rate" , "Overpriced nightclub" .)