Dublin's Fitzwilliam Card Club has announced it is to close with the loss of nearly 80 jobs.
The club, which has been operating for 16 years, is to cease trading immediately, blaming the impact of the legal threat posed by the Gaming and Lotteries (Amendment) Act 2019.
"It is with great sadness and regret that we make this announcement today," a spokesperson said.
"Understandably, our concentrations will now be with our staff to ensure that they are appropriately catered for, particularly at this time of year.
"We would like to thank all of our staff for their commitment and hard work over the past 16 years."
The club said that legal advice found that the new legislation, which passed all stages in the Oireachtas last week, broadened the definition of "unlawful gaming" to any gaming without a "gaming permit" or a "gaming licence".
It said that as it does not have either option available to it, it has to shut.
A "gaming permit" only allows the provision of gaming services where the odds of the player and the banker are equal, while a "gaming licence" only permits the holder of the licence to operate gaming slot machines subject to a maximum win of €5 and a maximum pay out of €500.
The amended act keeps a provision that only allows those operators in areas where the council has not rescinded the 1956 Gaming and Lotteries Act to apply for a "gaming licence."
"We sought to engage with the Government and opposition regarding the threat posed by the legislation to our business," the spokesperson said.
"Sadly, our pleas fell on deaf ears and an amendment was not granted to safeguard the business and our 80 employees".
The over 18s only club said it has always supported regulation of the gambling industry, but is concerned that such a wide ranging prohibition on gaming is contrary to international best-practice.
This is because it drives gambling to underground operators that do not have any consumer protections.
It said it is hopeful that the Gambling Control Bill, which includes plans for a regulator, licensing system and a social fund for addiction services will be brought forward "as a matter of urgency".
This would enable to resume trading again, it said.
The Bill was first published in 2013.
The Fitzwilliam Card Club said members' deposits and cash chips will be honoured in full, and staff will receive statutory redundancy and leave entitlements.
