Noun
(chiefly Western US, historical) A saloon located at the end of a road or the outskirts of a town. [from late 19th c.]
(chiefly Britain, figuratively) A place that one is said to inhabit when facing an imminent disaster with diminishing or limited remaining opportunities to avoid it; a last chance to take action. [from mid 20th c.]
Unless we find a million pounds by Monday, the company will go bust. We really are in the last chance saloon.
This cowboy is part of an "I Spy" game, and once stood in front of the Last Chance Saloon, a longtime Grayslake restaurant and bar. Source: Internet