I won this item on eBay on January 2 and it finally arrived in the mail on Saturday. It must have gone around the Horn before it got to me!
It is a "souvenir" from Finocchio's, the world famous female impersonator club that operated in San Francisco during the last half of the 20th Century.
The "souvenir" is actually a folder intended to contain a photo of Finocchio's customers. A photographer would come around to each table in the club and ask customers if they wanted their photo taken. The results were delivered in this souvenir folder. By the way, there is a photo in the folder showing an unknown couple seated at a table in the club.
I estimate that this item is from the 1940s. I own a lot of Finocchio's ephemera (see it here) and it is the first Finocchio's souvenir photo folder I have ever encountered.