Hong Kong leader Carrie Lam had previously rejected suggestions to bail out the restaurant, despite calls from lawmakers to preserve the iconic landmark.
Lam said last month that the government had no plans to invest taxpayers' money into the restaurant as the government was "not good" at running such premises, despite calls from lawmakers to preserve the restaurant.
Some Hong Kong residents recalled the heyday of Jumbo Kingdom, and expressed disappointment in seeing the restaurant go. It was famed for its lavish banquet meals, with dishes such as roasted suckling pig, lobster and double-boiled bird's nest, a Chinese delicacy.
Wong Chi-wah, a boat operator in Aberdeen Harbour, said that in the glory days of the Jumbo Kingdom in the 1990s, flocks of Japanese tourists would visit the restaurants.
"The streets were full of parked vehicles as visitors arrived in big groups," he said.
Encore Sin, 71, said Hong Kong was losing something unique.
"If the restaurant leaves today, there is definitely a sense of loss, not just for people who live around this area but for the whole of Hong Kong," said Sin.
"Over the past few decades, I've been to many places around the world to take photographs, but where else in the world are there such floating restaurants? I don't think there are any left."
