"The time....near": the time of Resurrection. This is to warn the people that the time of Resurrection when they will have to appear before their Lord to render their accounts is not far. This was because the coming of the Holy Prophet was a sign and a clear evidence of the fact that mankind had entered the last stage of its history. The Holy Prophet himself explained it by holding out two of his adjoining fingers and said, "I have been sent at a time which joins to the time of Resurrection just as these two fingers adjoin". By this he meant to say, "No other Prophet is coming between me and the Resurrection. Therefore mend your ways now, for after me no guide is coming with good news and warning."
That is, "They do not pay heed to any warning nor reflect on their end nor listen to the admonition of the Messenger."
"New Revelation": A new Surah of the Qur'an.
The words of the original Text may also be interpreted as: "They do not take life seriously but treat it as a sport and a joke".