Management of Longford Greyhound Stadium has confirmed it will cease operations before the end of the month.
Falling attendances, a requirement for expensive fire safety works and a substantial increase in insurance cost have been attributed for the decisions to close the venue.
"Our insurance premium quote for this year was more than double the amount paid last year, reflecting challenges across the wider sports, entertainment and hospitality sectors," a statement read.
"Even if the stadium could find the money needed to pay these bills, this would only be a short term measure without further financial assistance from the Irish Greyhound Board (IGB). The IGB have stated that it is not within their mandate to offer assistance in meeting any of these costs."
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Greyhound racing has taken place at the venue since 1939 and it marks the second closure of an Irish track in the space of 24 hours.
The owners of Lifford stadium in County Donegal announced yesterday that the track would close on 17 August, bringing an end to 60 years of greyhound racing in the border town.
The IGB said it regretted the closure of both tracks and the impact on staff, owners and the wider greyhound community.
It said it expected the immediate and long term future of the sport to become clearer in October, when an independent report assessing the financial sustainability of the county's fourteen remaining tracks will be published.