“This place is dead!”
You go to a nightclub. There aren't many people there, so you're disappointed. You say this to a friend who's with you.
This place is dead!
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You can call a restaurant a "place" in casual conversation:
There's a place on 6th Street that's pretty good.
You can also describe what kind of restaurant it is:
Have you been to that new pizza place up on 83rd Street?
There's this amazing Italian place we go to sometimes. I have to take you there.
And you can call a bar or dance club a "place" as well:
Do you want to have a drink? I know a place nearby.
(a party/bar/club) is dead
Parties are supposed to have a lot of people and be loud and exciting. When there aren't many people at a party, or when the people aren't having fun, you can say that the party is "dead".
You can also call a bar or a dance club "dead".