Sounds like a party room to me. You probably don't want a projector as they are the best in the dark. I would buy the largest Mits RPTV I could afford. 72" for about $1000 (they go up to 92") before they are gone for good. A projector, screen, mount and creative lighting will cost upwards of $2000 and a sound system would be recomended with either.
"Smart enough to know better, to old to care" ------ Dedicated Home Theater, Mitsubishi HC7900DW Projector, 110" 16:9 Jamestown screen with variable power masking for CIW 2.50:1 to 16:9, Marantz 7009 with 7.1.4 Atmos with Ohm mains,3 DIY Subs (2 15" (1 ported, 1 sealed and a 12" 4th order bandpass), 1 DIY butt kicker, Custom Built HTPC, 10TB DroboFS NAS