Merivale boss Justin Hemmes said it will takes 'years' and hard work to restore Sydney's nightlife scene
Sydney's lockout laws will soon be scrapped - but don't expect the city's nightlife to immediately return to its glory days, billionaire baron Justin Hemmes has warned.
The Merivale mogul says industry bosses will now be faced with the challenge of having to attract patrons and partygoers amid a shift in the city's culture.
The controversial laws, which were implemented in 2014, destroyed Sydney's once bustling and booming nightlife industry.
Since then, residents have turned away from partying and drinking in the city and have developed a more sophisticated taste in food or quality spirits instead, he said.
'It's not just about having a bourbon and coke any more. They care what tequila it is and where it's from,' Mr Hemmes told the Sydney Morning Herald.
'People are partying outside of the city and we don't want that to stop, we just want more people to go out.
NSW Premier Gladys Berejiklian announced last week that the lockout laws that destroyed Sydney's nightlife will be scrapped in January
'This will take time, it will take years I think - and investment.
'It's our job to make this work now the shackles have been removed. We have to make it work and we have to maintain safety.'
Lock outs and last drinks: 1.30am lockouts and 3am last drinks at hotels, registered clubs, nightclubs and licenced karaoke bars
Temporary bans: of 48 hours for troublemakers
Takeaway alcohol sales: stop at 10pm for bottle shops, hotels and clubs. This law is NSW-wide
Liquor licenses: two year freeze on approvals for new and existing licenses.
Licensee fines: of up to $11,000 and/or imprisonment of up to 12 months for failure to comply with the new laws.
Revoking of Competency cards and disqualifications: (up to 12 months) for bar staff breaching responsible service of alcohol requirements.
Earlier, Mr Hemmes predicted 'magic is going to happen' in Sydney with the addition of the new lightrail project and the lockout law changes that are set to go into effect in January 14.
NSW Premier Gladys Berejiklian announced last week the laws will be