In yet another blow to Sydney’s flailing night-life, the lockout laws have just claimed their latest victim: The World Bar.

The beloved Kings Cross establishment is closing its doors this week after 18 years of clubbing and live entertainment that has seen the likes of Flume, Alison Wonderland, Gang of Youths, Nina Las Vegas, Ajax and many more perform legendary sets for pumping crowds.

Taking to social media to break the devastating news, the owners of World Bar announced they would be calling last drinks on their infamous teapot cocktails as soon as tonight, hosting the venue’s final institutional Wednesday night, The Wall.

“Over the last 18 years, we have thrown some of Sydney’s most renowned club nights and live music events. We hope we’ve been able to put smiles on people’s faces and create a few hazy memories,” the outgoing World Bar team wrote on Instagram.

The Kings Cross stalwart has also changed its sign posted out the front of the terrace to read: “It’s been wild, gotta go now, stay safe Sydney, thanks for the good times.”

In the post, The World Bar acknowledged the controversial lockout laws in Sydney’s CBD that have contributed to the closing of at least 418 licensed premises around the city since their implementation in early 2014, Figures from Liquor & Gaming NSW show.

“Our parting words to anyone who loves Sydney’s night-life are these — the best way to rebel is to go out. There are great venues and incredible music alive in the Cross and surrounding areas, so please get out there and support all our incredible friends — promoters, venue owners, artists — still battling away for their love of live music.

“Cheers for everything, and watch this space, who knows when you might see us again.”

In a lengthier farewell to patrons on Facebook, owner Steve Ward, who opened The World Bar after the success of its Queenstown namesake, said the impact of the lockouts on his business had been “huge”.

“The obvious connection that people will make on our closure is the effect of the lockout laws. It’s undeniable that they have had a huge impact on us, as well as Sydney’s live music scene.

“However, we believe there is a solution here; we have hope. We need the authorities to show true leadership and to make positive decisions for the music and creative communities and for everyone who likes to be social at night. Public opinion and pressure are mounting and now we need our elected officials to be brave and make positive changes to the legislation. Safety and entertainment ARE achievable; we have seen this put into practice in global cities around the world.”

Under current legislation, nightclubs and bars in the city, Kings Cross and Darlinghurst areas must deny entry to patrons after 1.30am and cease serving alcohol at 3am.

Almost five years on, the reception of these restrictions has varied greatly, being hailed as a solution to incidents of alcohol-fuelled violence by some, including the NSW Police, while slammed as reductive and crippling by local businesses and activist groups.

The World Bar joins a growing list of beloved Sydney venues to shut up shop since the lockout laws were announced by former premier Barry O’Farrell in 2014. Hugos Bar and Lounge, Flinders Hotel in Darlinghurst, The Soho, The Exchange Hotel, Beach Haus and most recently Sydney’s Hudson Ballroom have all ceased trading.

Last month, it was reported that Sydney’s lockout laws could be rolled back by the end of this year under a dramatic proposal being considered by the government to revive the city’s struggling night-life.

It is understood Deputy Premier John Barilaro took a proposal to cabinet to wind back restrictions in the CBD, urging colleagues to support a plan to completely scrap the forced 1.30am lockouts.

Mr Barilaro’s office declined to comment.