(Greetings from Oregon is an occasional look at found postcards from around the state.)
It was located where Morgan’s Alley is nowadays. When the place closed, they auctioned off “fabulous wood carvings.”
From the back of the postcard:
Portland’s popular nite spot for fun and entertainment with an atmosphere that’s just a little different. Live entertainment 7 nights a week. Big fun-show every Monday night. Relax in the Lariat Lounge. A bit of olde time West.
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Lost Oregon 
On the first floor on Broadway was Jolly Joan’s. The basement housed a pool room, I believe it was the Elite, owned by Jimmy Johnson