In the early 1920s, Louis and Tommy, two young boys in Great Depression-era Singapore, bond over their admiration for boxing and its latest star Jackie Mason. While Louis contends with his abusive father, Tommy struggles with family poverty. When a new boxing ring and cabaret called Golden World is built, both boys jump at the chance to watch Jackie Mason live. Louis eventually musters up the courage to leave his troubled home...

Louis struggles with living on his own and decides to take part in bouts at the illegal underground boxing circuit, while Tommy grapples with a new decision to sell opium. Both men soon have a run-in with Towkay Lim, the owner and boss of Golden World, who seeks control of the world of entertainment in the city.

As Tommy starts his new job as a bouncer at Golden World, he bonds with Kit, Golden World’s star cabaret singer, whose sister is dying of a venereal disease. Tommy toys with the idea of giving Kit his remaining stash of opium to help her sister numb her pain. Meanwhile, Louis embarks on a new training plan with his old coach, but he finds that winning is a tougher task than expected.

Louis sneaks into Golden World to watch Jackie Mason train, where he bonds with Towkay Lim’s mui tsai (slave girl) called Fei. The condition of Kit’s sister deteriorates; as she lies on the brink of death, Kit negotiates benefits with Towkay Lim. Tommy wrestles with the opportunity to be the next star boxer in Golden World’s marquee matches.

Towkay Lim offers Tommy the chance to take on Jackie Mason in the upcoming Saturday match. As a shocked Tommy gets pulled into the whirlwind of sports press and scandal, Louis confronts his abusive father once and for all... Which results in a shocking death.

Police begins to investigate the suspicious death of Louis’ father, which threatens to incriminate Louis’ mother. Everyone celebrates “Golden Boy” Tommy Law’s victory over the much-disliked Jackie Mason. Meanwhile, Kit sets a trap for a persistent stalker.

Tommy’s newfound fortune starts to get to his head, and he begins splurging on a very lavish lifestyle, which forces both his father and Louis to stage an intervention. As the New Year of 1931 rolls around, Kit comes up with a new act for Golden World. Louis and Fei consummate their relationship.

The truth about Golden World’s inception comes to light. Tommy realizes he’s been betrayed by Towkay Lim and struggles to reconcile his impression of his father. A nauseous Fei begins to suspect that she may be pregnant and turns to Kit for help... But Towkay Lim discovers her secret and locks her up in her room. Louis tries to help his mother with her PTSD over her involvement in his father’s death.

As Golden World hovers on the brink of collapse, Towkay Lim makes a deal with Louis – he will free Fei only if Louis agrees to a big Saturday night marquee match that will revitalize the amusement park’s fortunes. Wanting to create a story for the ages, Towkay Lim will free Tommy from his debt if he agrees to be Louis’ opponent. Meanwhile, Kit discovers the truth about how her sister contracted the disease.

The Last Bout gets underway, and the former best friends fight – one for the love of his life and the other for financial freedom. Kit embarks on the most dangerous mission yet: a heist with the other cabaret girls to rescue Fei from her house prison, and uncover the evidence that will incriminate Towkay Lim and put him behind bars once and for all. Will she succeed... or will Louis and Tommy pay the price in the ring?