Sounds like he needs you to go to love and logic parenting classes. Taking away stuff for this is not going to work, how is not having a toy to play with during the day going to be a natural consequence of not going to bed. The 2 have nothing to do with each other.
He needs to go to his room and if he chooses to not go to bed that's his choice, but he has to stay in his room, he is not allowed to come in the rest of the house, except the bathroom. Then the next morning when he is wanting to sleep to noon he has to be up, going to the Y, going swimming, playing outside, riding his bike, going to a movie, having a blast.
Then when it's bedtime he has to go to his room, he can choose to go to bed or not, he has to stay in his room, etc.....then he gets up normal time in the morning, does the same stuff again so that he does not have any time to sit down and sleep or rest.
The next night he goes to his room at bedtime, and soon after his is asleep on the floor laying all over the toys he was playing with and snoring loudly.
He gets up off the floor the next morning when it's time to get up, does a very busy day again, then that night when the goes to bed he goes to bed, lays down, and goes to sleep.
This will be an ongoing chore on your part but enforcing the staying in his room will be difficult. If he has a TV in his room or a computer then they need to come out. Only toys and clothes, no electronics. They can keep me up for 24 hours if I let them.
Doing this the way I wrote will give him natural consequences. He gets to choose to stay awake, he gets to chose when he goes to bed, he still has to get up and function the next day, eventually he learns to go to bed when he is tired.
You tell him when it's bedtime....
"Honey, we decided that you can decide when to go to sleep. WE decided that we are going to bed now so you may not come out of your room. You can play until you are tired then go to bed, we love you and trust you to make a good decision. Good night, see you in the morning". He will come out and do whatever to get attention. Perhaps telling him he will have to go to sleep if he comes out again will influence him to stay in his room.
We made the house pitch black outside of his room when we did this. We covered every window with newspaper for a few days, drew the curtains, took out all nightlights, turned off all the lights in all parts of the house, even my own room. I could use my phone to play words with friends while laying there but it was pitch black.
We also took out the full light bulbs in his room, I think hubby put in 40watt ones. That way it is darker, not as much light and the melatonin starts taking effect sooner.
He was so scared to come out of his room that he only ventured to the bathroom a couple of times, then he made sure to go before going in his bedroom for the night. If it's quiet and no one else is up he will not want to come out.
If he is still staying up all hours of the night and is functioning fully during the day after a week of staying up during the night then he needs to be evaluated by the pediatrician or a psychologist for ADHD. Kids bodies should shut down at night time so they can recharge, if his body is not doing this then he may have something biological going on. Our bodies sleep when they are growing and fighting off illness, germs, life in general. If we are not growing or needing new cells we don't need as much sleep.
One scientist believes that as we age our cells stop dividing therefore we don't need sleep as much. That's why as we get older we need less sleep. I think this theory is correct about that aspect of sleep. Babies sleep 18-20 hours of the day because they are constantly growing and developing, a 10 year old sleeps 8-9 hours a day because that's all they need, an adult is lucky if they get 8 hours due to work, kids, responsibilities. So Hayflick is correct about how much sleep is needed relating to our age and what out cells are doing, if you are interested in this fact here's a link.
Here's a link about melatonin, it is what makes us sleepy at night. Lighting and other things influence when it starts to put us to sleep.
I think in this case, if I felt it was safe for my child and the pediatrician said okay that I might dose this child with melatonin in the early evening so that when they went to their room they found themselves in a darker room and fell asleep more quickly.
There are a lot of things to consider. He may be going to bed way too early for his biorhythm, he may not be tired, only you can figure it out by letting him learn to make choices.