Korea, to the club...

From an estate sale, this is coming in.  The network in Korea had it's own club.

The 501 was for the troops, this is getting surprising complicated.  The Studio Lounge may have been an earlier name for the 501, may have been a break room near the studio.  And there may have been a 502 club for the higher ranks...

The sign appears to date from the late 60s...