The venue, Mount Beauty's only poker machines site, has been shut and in administration since July.

The club's administrator Chris Chamberlain said there was an $800,000 black hole with creditors largely linked to the Victorian Government and the operation of the 19 poker machines.

"It's not looking rosy as we speak," Mr Chamberlain said.

"It's highly unlikely at this stage (it will reopen).

"I think time has moved on – one of the big imposts was that the number of pokies didn't make it a sustainable and viable operation."

Mr Chamberlain said an oversupply of poker machines in Victoria meant there was little value in their licences.

"They're not worth a great deal, you would be lucky to get $2000 a licence," he said.

Mr Chamberlain said he was hoping to sell the site after having received inquiries and was considering holding an auction.

"I would be pushing to try to have it wrapped up by the end of the year," he said.

The closure has hit the Mount Beauty Bowls Club which has been unable to use its rink for pennant games this season due to no access to the country club.

Club secretary Bob Joyner said the 32 members were continuing to practice at the rink twice a week but were fearful about their fate.

He said two members had already moved to Tawonga Bowls Club because of the uncertainty at Mount Beauty.

Mr Joyner said the club was hopeful there would be a new buyer with whom it could negotiate an arrangement to continue.

A shed at the club contains $30,000 worth of machinery which is used for the bowlers.

Kiewa Valley-based Alpine Shire councillor Peter Roper said the fate of the bowling club was generating more interest than the prospect of Mount Beauty being left without poker machines.

Mr Chamberlain said the club's 700 members had been kept informed of his progress in administering the business, but there had largely been a "very quiet" reaction.