Merrymaking, celebration (7)
I believe the answer is:
revelry
I believe this clue is a double definition.
'merrymaking' is the first definition.
(revelry is a kind of merrymaking)
'celebration' is the second definition.
(revelry is a kind of celebration)
(Other definitions for revelry that I've seen before include "Noisy celebration" , "Feasting, noisy festivities" , "Merriment" , "Merrymaking" , "Lively celebrations" .)