Having reached or been granted one last or final opportunity to get, have, do, or achieve something. Hurry and book your flights today—you're in the last chance saloon for the cheapest tickets in town! Little did the hedge fund managers realize they'd been drinking at the last chance saloon, soon to have their entire enterprise in shambles. The team's manager has found himself in the last chance saloon. If they can't secure a victory tonight, we'll be seeing his resignation in the morning.