The rotation idea is solid, but I'd flip it - instead of having them bounce between random activities, give them one big project that naturally unfolds over the evening. Something like a "New Year's time capsule" works great for that age gap. Have them decorate a box together, then throughout the night they add stuff to it: drawings about what they hope happens this year, letters to their future selves, favorite snacks they want to remember, whatever. You can make it a whole ceremony where they seal it up right before midnight and you all open it on New Year's Eve 2027. It keeps them engaged with something meaningful rather than just killing time until the clock strikes twelve.
Build in a few structured moments around this - maybe halfway through, take a break for a special snack they helped prepare earlier (even just decorating plain cookies or popcorn), then get back to the project. You could also do a "countdown craft" where they make paper chains and remove one every hour or so, which gives them a visual sense of time passing instead of just watching the clock. A game or two in there is fine, but the key is having one anchor activity that feels important and gives the evening a real shape.
The midnight moment itself will land way better if they've been building toward something specific rather than just waiting around. They'll actually want to stay up for it because they're invested in finishing their project and having that ceremonial moment together.