St Pauli in Hamburg is the "New Orleans" of Germany and Grosse Freiheit Nr. 7 is located on it's "Bourbon Street".   It's a party town, but the characters in the film have changed.   Hans Albers is a different Hans.  He also has another brother, who now owns the the Hippodrome, played by Heinz Ruhmann, co-run by his girl friend , played by Fita Benkhoff.  This different version of the Hans character has come back from the sea to settle in St Pauli.  His brother is having problems:  no one wants to go to his place anymore;  the horse riding is boring to tourists.  Hans comes back to help him out with his bar and his accordion.   He seems to draw people to Heinz's club.  It gets so good, that Heinz seeks a loan from the property owner of St Pauli's night clubs, played by Gustav Knuth, but his associates, one of them played by Fritz Wagner, are a bunch of crooks and he doesn't know this.  Heinz has a problem with Hans spending a lot of time with his daughter, who's in love with the son of the property owner.  But that's nothing compared to all the problems they're going to have with these crooks!

Als der Seemann Hannes Wedderkamp von langer Fahrt nach Hamburg zurückkehrt, begegnet er zum ersten Mal seiner inzwischen erwachsenen Tochter Anni. Diese jedoch wuchs in der Überzeugung auf, dass Hannes' alter Freund Pitter Breuer, der in Hamburg ein schlecht laufendes Hippodrom betreibt, ihr Vater sei. Einiges also ist grade zu biegen, damit wieder Glück und Ordnung in Hannes Wedderkamps und Annis Leben einziehen kann: Mit eine Revue bringen Hannes und Pitter das Hippodrom wieder auf die Erfolgsspur, einer Verbrecherbande wird das Handwerk gelegt, und bevor Anni mit dem Reedersohn Jürgen zusammenkommen kann, muss auch noch die Frage nach ihrem wirklichen Vater geklärt werden.