Well, this has already been discussed fairly extensively in Have Your Say (here, and further down..), but I finally made it over to the Dam Bar & Grill on Sunday. The whole Lexington/Lake Murray area is one I almost never got to as a kid, and rarely get to now, so it was all unfamiliar territory to me, but the building is fairly new looking and solid in an area where I drove past a number for which that wasn't the case.
When I walked over to look at the little cabana area, I smelled the strong scent of Tea-Olive, a smell I always associate with the Russell House back patio in the Fall. This year, my Tea-Olive has been confused by the odd weather, and has bloomed multiple times, and so would appear to be the case here as well.
While there is a roadside sign indicating that the place is "Closed", there is no note on the door or any indication as to what happened. (Some commenters have made their own investigations and conclusions, and another data point is here) As of yet, all the fixtures and equipment appear intact, as though the place could be sold as a turn-key operation, though I don't expect that to happen.
(Hat tip to commenter O'Reilly)