Place entertained by jerk's binge (7)
I believe the answer is:
splurge
'binge' is the definition.
(I know that binge can be written as splurge)
'place entertained by jerk's' is the wordplay.
'place' becomes 'pl' (abbreviation used in postal addresses).
'entertained by' is an insertion indicator (inserted letters are hosted or entertained).
'jerk' becomes 'surge' (I've seen this before).
'pl' going into 'surge' is 'SPLURGE'.
(Other definitions for splurge that I've seen before include "Sudden burst of extravagance" , "Spend extravagantly" , "Orgy" , "Spend lavishly" , "Splash out" .)