That's correct. Everyone wants to stay on NYE, NYD, well, not so much. It was my intention to go home that day.

They might allow you to cancel, or they might not. Depends on how full they are for the weekend.

Given that it's going to be a long weekend, they might stick to their minimum. I would check as the time got closer.

Keep in mind that hotel rooms will be very expensive for that weekend. If you can get any kind of a free night, even if you have to waste one, you will still be way ahead.

FWIW - My reservation was at the GH. It may be different for other hotels that are closer to Times Square.