Very casual English has progressed even further, making 'hang" into a full noun meaning "place to hang out." Here are a few examples from Google:
"” It's a great show because it's in such an intimate setting (someone's house), it's a great hang, and the snacks and beer/coffee are tasty.
"” Ubud is our next stop. It's a centre well know for its artists, and it's a regular hang for us .
"” I've been there [a certain pool parlor] - it's a cool hang.