Don't they usually do the Fourth of July ones over Mulcahy Stadium?

I think they do the New Year's Eve ones somewhere from down by the port. (I wouldn't know; I spent most NYEs at BOB W's with most of the other ANC FT crew, where we, errr, may or may not have launched some of our own fireworks [at least one year they made it legal!]. ) But I used to watch the Fourth ones from the roof of the airport parking garage while I was working there, and they always came from the Midtown area. This site seems to support that.

FWIW, here's a video I shot several years ago of the Fourth fireworks--yes, at midnight: http://youtu.be/ALtnTFJ1SgM?t=4m56s