If you say it is the last chance saloon for someone, you mean that it is their final opportunity to succeed in what they are doing. The two boxers understand one thing clearly. As far as the world title goes, Saturday is the last chance saloon for both of them. Note: You can also say that someone is drinking in the last chance saloon, with the same meaning. The Cabinet minister in charge of media regulation told the tabloid editors they were drinking in the last-chance saloon and to improve their conduct or face government legislation.