I'm w/the rest of the posters...Option 1. He's a grown man and he should be better able to take care of his obligations. You aren't his mother. Stop thinking about rescuing him.

Now, if he comes back and says he can't come over New Years Eve, then I suggest you get a back up plan in place this week. You can't rely on him to help you out... time to do something different...get a back up plan in place and leave him to figure out how to take care of himself. His money problems are not your problem.

Sit quietly, the answers will reveal themselves when you least expect them to.
The past is gone, the present is a gift and you need to focus on today, allow the future to reveal itself when it is ready.