So instead of just letting the kids stay up and periodically cry that they are bored, give them something fun to do, that is related to the holiday event.
Paper plate noise makers.
Have the kids decorate the outside of 2 paper plates. Then you staple the plates together, all the way around, so there are not any openings, but leave a small space open. Pour popping corn or beads into the plates and finish stapling up the hole. If you want to take it a bit further, you can add tassels with yarn and a stick for a handle.
Another paper plate craft is to have the kids make a countdown clock. Pretty simple. Again, grab a paper plate and have them make a clock. You can use stencils or freehand the numbers.
Form a sheet of construction paper into a cone, and staple closed. Allow the kids to decorate using markers or paints. And they can glue on pom poms or sequins to jazz it up a bit.
Don't forget those fancy drinking glasses. You can get some plastic champagne flutes from a dollar store or party store, and allow the kids to decorate those as well. You can use glitter, stickers, jewels, whatever you would like.
Hope you all have a safe and fun New Years!