Noun
さくらにく
お前も一緒に桜肉パーティーに来いよ。イカしたパーティーになるぜ。
You should come with me to the horse meat party. It’s going to be hip.
Strangely, cherry tree meat isn't just some kind of cherry steak... it's horse meat. Hopefully you'll just remember that due to the strangeness of this word's kanji.
The reading is the words 桜 and 肉 put together into one horse steak of a word.