We always have our Tuxedos dry cleaned and / or pressed before the first Formal Night. They have always charged us for "same day" service, you actually have to check that box on the laundry slip they give you.
We have always received our Tuxedos back in time for the Formal Night...generally we give it to them the night we arrive and they return it in time.
As an aside, we like the special coupons they provide. They let you cram full one of the laundry bags, as full as you can pack it, and only charge $10 to clean the whole thing.