One of Sydney's highest-profile nightspots, Hugos Lounge in Kings Cross, is set to close after being placed into voluntary administration on Wednesday, suffering a 60 per cent decline in revenue.

The bar, nightclub and pizza restaurant – a popular hangout for the city's well-heeled for 15 years – is likely to join the growing list of venues that have shut their doors since 1.30am lockouts were introduced in February last year.

Better times: Hugos Lounge attracted a well-heeled crowd to Kings Cross for 15 years. Credit:Luke Latty

Owner Dave Evans said administrators HLB Mann Judd would keep the club trading this weekend before shutting shop next week unless an interested buyer could be found.

He said revenue had declined 60 per cent since 2012, when an initial batch of alcohol restrictions was applied specifically to Kings Cross. The business had since cut trading hours and shed 100 jobs; its remaining 70 staff were summoned to a lunch meeting on Wednesday and told they would likely lose their jobs.