The song is about a drifter looking for a big score. Scaggs and Paich were both very good at crafting songs with intriguing storylines using words and phrases that don't often show up in a lyric: "A tombstone bar," "makin' like a beeline..."
The name Lido is very unusual as well. From the perspective of songcraft, it's very versatile, allowing the singer to get clear vocal sounds and follow with the "whoa-oh-oh-oh" hook. Kenny Loggins did something similar on his song "Footloose
," writing the character "Milo" into it ("Woah... Milo, come on, come on let's go").