I went to the Tops' Aces Theatre to catch the show, but everyone was just standing around.
I hit 'select' to wait, and I'm told, "You cannot wait in the air."

Am I the only one who's baffled here?

Have you tried filling Aces Theater with water?

Lol?

Seriously. After a few times of trying to wait, the Lonesome Drifter took the stage.
It was around 9:30ish.

Just wait in the restaurant or take a nap in your tops suite until the show starts.

Just jump up and when you fall down the game will probably realize you're not floating and will let you wait next time.