To celebrate the New Year of 1923, Nucky decides to hold a flash New Year's Eve bash. Margaret helps him the hosting, despite their recent disputes. Tensions heat up when a hot-tempered gangster from New York arrives in town.
Chalky tries to help his daughter, Maybelle. Nucky's emotional state leads to Gyp getting the upper hand. Eli gets out of prison, and Margaret's concerns on the sanitary condition of the hospital are not taken seriously.
Margaret starts a personal mission to start a women's clinic at the hospital. Nucky struggles with rumination over Jimmy. Van Alden finds it tough in his new position as a salesman.
Nucky and Owen end up trapped and hiding in a house from the feds after tracking down a thief who has been stealing from them.
Rothstein asks Gyp to be his new supplier but has other plans in mind. Gillian worries about her business.
The women's health clinic Margaret wants to set up runs into trouble. Gillian must make some changes to stay afloat and Van Alden finally come clean to his wife.
Eli invites Nucky to Easter dinner in the hope of mending a few fences.
Nucky himself reaches out for a powerful ally, while dealing with his mistress getting more attention than he's comfortable with. Meanwhile, Margaret has to concern herself not only with a living birthday present for her daughter, but also with some delicate feminine issues.
Gyp bribes the townspeople into silence while Nucky schemes to have him taken out of the picture for good. Gillian has words with James regarding Tommy.
Owen makes plans with Katie as well as with Margaret, but those will turn out a whole different way after Nucky sends him to take care of Joe. Nucky too makes promises to his wife, speaking of a better future while trying to sort out his current business situation – being troubled with this, he turns down Chalky, one of his few allies left. On the political side, Gaston takes further action.
Meanwhile, Gyp has to deal with the uncertainties of nature, and Nelson "George Muller" Van Alden with the nature of uncertain dealings.
Nucky doesn't get much time dealing with Margaret's affair when Gyp's men ambush him in the hotel. He flees with the wounded Eddie Kessler, and as there's nowhere safe to turn, it seems he'll be losing his last loyal man. With a price on his head, Nucky seeks refuge at Chalky's...
Gillian also has to suffer under Rosetti's willfulness when he chooses her club as a new headquarter, forcing her to lock Tommy in his room and finally even take measures against Richard, as she clings to her grandson against all common sense.
As Capone's cavalry rides in, the war starts: with firepower on the one hand and scheming to alienate Masseria from Rosetti, Nucky fights to get his business back and keep his life. Gillian takes on Gyp with her very own weapons, but sees herself overpowered; Richard poses as a one-man-army and seems to have more luck saving what's important. Meanwhile, Margaret has run off to face difficult decisions – not only about her unborn baby, but also about the future of her marriage.