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It's a nonsensical/meaningless word/term, which probably implies something that's newest or improved, or even amazing.

OR, It was a way to modernize a product or a business name
A plain old bowling alley became Bowl-O-Rama

Some video games called "Zombie Bowl-O-Rama" and "Cars Race-O-Rama"
by Herraldier H. Donoldiez October 12, 2016
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