et in 1912, the entire film takes place inside a dive bar named The Last Chance Saloon, where its destitute patrons eagerly await the arrival of Hickey, who arrives annually and props everyone up with free drinks and spirited stories of his travels. However, when Hickey does show up this year, it is with a message of temperance and an exhortation to give up hopeless dreams and face reality.

Overview from themoviedb.org