Okay, it's a little crazy, I'll give you that, but I wouldn't say I'm shocked. Remember this is an event planned as a reward and although it's absolutely not what you would do at home, they are trying to make it "cool".
In all honesty, with a huge sleepover like this do you really expect them to be in bed much before midnight anyway? If I were planning it I probably would move the movie to around 10 or 11, but whatever.
Most likely they will encourage kids to be in their sleeping bags for the movie anyway and it's likely your daughter won't even stay awake through the movie much less until 2 am, even if there is noise going on around her!
Besides they are planning it for a Friday night so they will have all weekend to recover, regardless what time she goes to bed (anytime between 11-2 am really) she's going to need a nap and probably want to lay low on Saturday anyway b/c it will be an exciting change of schedule.
It won't hurt to mention your concerns but I don't know if you'll get anyone to officially change the schedule but I'm betting if the natives start to get restless they will put the movie in early! ;)