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Looks like a knocked down and painted acoustic to me.
Here is the deal. Cover with 1/4 drywall and tape and mud/ or float existing. Same amount of labor with either. Take your pick, shouldn't be to expensive either way.. I would go for the float myself.
Float it and keep 1/4" ceiling height.
Trust me, I do this for a living.
P.S. If you are talking about the bar ceiling, your F-ed, that's a drop ceiling.
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